EVM Archives - Project Management Bootcamp

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 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 […]

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 […]

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. […]