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project charter template example purpose

Project Charter: Example, Template, Definition, & Purpose [PMBOK]

A project charter is a formal document that authorizes the existence of a project and gives authority to the manager to use organizational resources for achieving the project objectives. A project charter is generally prepared at the start of a project. It is signed by the project sponsor. Usually, it is an internal document but …

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difference project program portfolio management

Difference Between Project Program & Portfolio Management

You can easily grasp the difference between project, program, and portfolio by looking at their definitions and understanding the main keywords. A project is a temporary endeavor undertaken to create a unique product, service, or result. A program comprises of related projects that are managed in a coordinated manner to obtain benefits, which are not …

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fixed price with economic price adjustments

When is an Fixed Price with Economic Price Adjustment Contract Used?

Fixed Price with Economic Price Adjustment Contract Explained Fixed Price with Economic Price Adjustment Contract is a variation of the basic Fixed Price Contract (FP). In some of my previous articles, I have explained all the other variations of FP Contracts (as enumerated in PMBOK® Guide). In this article, I will talk about Fixed Price …

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Point of Total Assumption

How to Remember Point of Total Assumption Formula?

Point of Total Assumption Formula in Fixed Price Incentive Fee Contract How do you remember any formula? Simple! Understand the concept you will not need to remember the formula. I heard about Point of Total Assumption when I was preparing for PMP® Exam. At the beginning, it sounded very funny. One of the meanings of …

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fpif-contract

6 Main Formulas of a FPIF Contract

Incentive Calculation in a FPIF Contract In my previous post, I described Fixed Price Incentive Fee Contract (FPIF). In this article, I will discuss the formulas and incentive calculations for an FPIF Contract. Let me summarize the basic nature of the contract before getting into formulas and calculations. The basic nature of a FPIF Contract …

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fixed price incentive fee

What is a Fixed Price Incentive Fee Contract?

Fixed Price Incentive Fee Contract Explained PMBOK® Guide defines 3 different types of Fixed Price (FP) Contract. I have written about Firm Fixed Priced Contract (FFP) and Fixed Price with Economic Price Adjustment Contract (FP-EPA) in other posts. In this post, I will talk about Fixed Price Incentive Fee (FPIF) Contract. You should also read the …

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firm fixed price contract

What is a Firm Fixed Price Contract?

Firm Fixed Price Contract Explained I have written a number of articles on different types of contracts. In some of my previous articles I have explained Fixed Price (FP) Contract. In this post, let me describe Firm Fixed Price (FFP) Contract. Even though FFP Contract is one of the sub-types of FP Contract but it is …

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contracts types

PMP Formulas Behind Contract Types

Mathematical Orientation of Contract Types Procurement Management Knowledge Area of PMBOK® Guide defines 3 different Contract Types. I have already written two articles to explain these Contract Types. Contract Types explained through an Example Contract Types for PMP® Exam I have written this article to provide a completely different perspective to the Contract Types. This …

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work performance data work performance information

Work Performance Data vs Work Performance Information For PMP Exam

You might be preparing for the PMP certification exam and want to know the difference between Work Performance Data and Work Performance Information. Understandably so. There are many confusing terms defined in the PMBOK Guide. PMP students often get confused between such terms as the definitions are often very cryptic. Work Performance Data and Work …

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