PMP Archives - Project Management Bootcamp

Seller Proposals

Need to evaluate vendor options for your project? Let’s dive into Seller Proposals! Seller Proposals are formal responses to procurement requests like RFPs, detailing prices, terms, and technical capabilities. You need seller proposals when choosing the right vendor for your project based on price, quality, and fit. To use them, […]

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 […]

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 […]

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 […]

Project Funding Requirements

Want to avoid surprise costs in your project? Let’s dive into Project Funding Requirements! Project Funding Requirements forecast project costs based on the cost baseline. They include projected expenditures and anticipated liabilities. Why do you need this? To ensure you have enough funds at the right times. It helps you […]

Reserve

Want to protect your project from risks? Let’s dive into the concept of Reserve! A Reserve is a provision in the project management plan to mitigate cost and/or schedule risk. It often includes specific modifiers like management reserve or contingency reserve. Why do you need it? To handle unexpected events […]