Definitions Archives - Page 3 of 10 - Project Management Bootcamp

Cost Plus Award Fee Contract (CPAF)

Are you looking for a contract that rewards performance while covering costs? Let’s talk about the CPAF contract! A Cost Plus Award Fee Contract, or CPAF, pays sellers for their costs and gives an extra award fee for performance. This contract motivates your seller to go above and beyond. It […]

Fixed Price with Economic Price Adjustment Contract (FPEPA)

Worried about inflation or rising costs in your contracts? Let’s talk about Fixed Price with Economic Price Adjustment Contracts! A Fixed Price with Economic Price Adjustment Contract is a fixed-price contract with a provision for adjusting the price due to changes like inflation or commodity costs. Why do you need […]

Fixed Price Incentive Fee Contract (FPIF)

Looking to motivate your sellers to perform better? Let’s talk about Fixed Price Incentive Fee Contracts! A Fixed Price Incentive Fee Contract is when the buyer pays a set amount, but the seller can earn extra for meeting performance targets. Why do you need it? This contract drives better results […]

Make-or-Buy Analysis

Analysis! Make-or-Buy Analysis is the process of gathering data on product needs and comparing buying versus making options. This helps you choose the most cost-effective and efficient option. It saves time, money, and resources. Start by listing your requirements. Then, analyze the pros and cons of buying or manufacturing. Compare […]

Contract Risks by Type

Want to know how contracts can impact your project’s risk? Let’s break down contract risks – a key to smart decision-making! Each contract type comes with different risks for both the buyer and the seller. Why does this matter? Some contracts, like Cost Plus Percentage, are risky for buyers because […]

Contract

Want to ensure your projects run smoothly and legally? Let’s talk about contracts—the foundation of successful project management! A contract is a formal agreement between parties that outlines the scope, terms, and obligations for a project. Why do you need it? Contracts protect you and your stakeholders by clearly defining […]

Plan Procurement Management

Want to nail your project’s resources and vendors? Let’s dive into Plan Procurement Management – the roadmap to getting what you need! Plan Procurement Management is the process of documenting procurement decisions, outlining the approach, and identifying potential sellers. Why is it important? It ensures you get the right resources, […]

Variance Analysis

Ever wonder why your project deviates from the plan? Let’s explore Variance Analysis! Variance Analysis is a technique to determine the cause and degree of difference between the baseline and actual performance. Why do you need it? To identify issues early and take corrective actions. It helps you stay on […]

Control Cost

Want to keep your projects on budget? Let’s talk about controlling costs—one of the most critical skills for project managers. Control Costs is the process of tracking and managing project expenses to ensure they align with the budget. You also update costs and handle any changes to the cost baseline. […]

Reserve Analysis

Worried about unexpected project risks? Let’s talk about Reserve Analysis! Reserve Analysis is an analytical technique to establish a reserve for schedule duration, budget, estimated cost, or funds. Why do you need it? To prepare for uncertainties and ensure your project stays on track, even when surprises happen. First, analyze […]