Definitions Archives - Page 2 of 10 - Project Management Bootcamp

Request for Quotation (RFQ)

Looking for the best price on products or services for your project? Let’s break down the Request for Quotation, or RFQ! An RFQ is a document where the buyer asks sellers for price quotes on common or standard products and services. You need an RFQ when you want to compare […]

Request for Proposal (RFP)

Need detailed proposals for your project from potential vendors? Let’s talk about the Request for Proposal, or RFP! An RFP is a document where the buyer asks sellers to submit detailed proposals for products or services. You need an RFP when your project requires more than just a price. You […]

Control Procurement

Want to make sure your contracts run smoothly? Let’s dive into controlling procurements—key to managing successful project deals. Control Procurements is the process of managing procurement relationships, monitoring contracts, making adjustments, and closing them out. Why do you need it? Because without controlling procurements, contracts can go off track, causing […]

Bid Documents

Ready to get the best deals for your project? Let’s talk about bid documents, your secret weapon for success. Bid documents are all the papers used to gather information, quotes, or proposals from potential sellers. Why do you need them? They ensure you get accurate offers and help you compare […]

Time and Material Contract (T&M)

Looking for flexibility in managing project costs while keeping control? Let’s explore the Time and Material Contract, or T&M! A T&M contract combines elements of both cost-reimbursable and fixed-price contracts. You pay for time worked and materials used. You need a T&M contract when scope isn’t fully defined, and you […]

Request for Information (RFI)

Need clarity before choosing the right vendor for your project? Let’s talk about the Request for Information or RFI! An RFI is a document where the buyer asks potential sellers for details about a product, service, or capability. You need an RFI when you’re exploring options and gathering insights from […]

Firm Fixed Price Contract (FFP)

Want price certainty in your projects without surprises? Let’s talk about the Firm Fixed Price Contract! A Firm Fixed Price Contract, or FFP, means the buyer pays a set amount, no matter what the seller’s costs are. You need FFP when your project scope is clear, and you want to […]

Cost-Reimbursable Contract

Need flexibility in your project budget while ensuring seller commitment? Let’s dive into the Cost-Reimbursable Contract! A Cost-Reimbursable Contract covers the seller’s actual costs and includes an extra fee for their profit. You need this contract when your project scope might change, and you want to ensure sellers get paid […]

Cost Plus Incentive Fee Contract (CPIF)

Want a contract that motivates your seller to perform better while controlling costs? Let’s explore the CPIF contract! A Cost Plus Incentive Fee Contract, or CPIF, reimburses the seller for costs and adds a profit if they meet performance targets. You need CPIF when you want to control costs while […]

Cost Plus Fixed Fee Contract (CPFF)

Need a contract that controls costs and guarantees profit? Let’s break down the CPFF contract! A Cost Plus Fixed Fee Contract, or CPFF, reimburses the seller for their costs and adds a fixed profit. You need CPFF when you want to cover the seller’s costs but also give them a […]