PMBOK Guide Term Comparisons – Useful for CAPM & PMP Exam
![Which Type of Contract Is Most Risky In Procurement [PMP]](https://www.pmbypm.com/wp-content/uploads/2012/02/Type-of-Contract.png)
The PMBOK Guide (A Guide to Project Management Body of Knowledge) describes three basic types of contracts in procurement management. There is a cost risk associated with each contract type. Cost Plus (CP) contracts are most risky for the buyers and Fixed Price (FP) contracts are most risky for the sellers. Some books suggest that…
Accuracy is the degree of exactness or correctness whereas precision is the degree to which a measurement is reproducible. The former checks how close a measured value is to the true or accepted value while the latter checks the consistency of repeated measurements and determines how close they are to each other. Precision and accuracy…
Total Float is the maximum amount of time an activity can be delayed without delaying the project whereas Free Float is the amount of time an activity can be delayed without impacting the Early Start date of any of its immediate successors. Total Float and Free Float are used in Critical Path Method (CPM) to…
