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Fxed-price contract - the amount of payment does not depend on the amount of resources or time expended. Time-and-materials contract - a Hybrid o'er cost-reimbursement contracts is paid on the basis of 1!ctual cost of direct labor" usually at specifed hourly rates. Fixed Fee or +ump,um contract is suitable if the scope and schedule of the pro-ect are su.ciently defn
Fxed-price contract - the amount of payment does not depend on the amount of resources or time expended. Time-and-materials contract - a Hybrid o'er cost-reimbursement contracts is paid on the basis of 1!ctual cost of direct labor" usually at specifed hourly rates. Fixed Fee or +ump,um contract is suitable if the scope and schedule of the pro-ect are su.ciently defn
Fxed-price contract - the amount of payment does not depend on the amount of resources or time expended. Time-and-materials contract - a Hybrid o'er cost-reimbursement contracts is paid on the basis of 1!ctual cost of direct labor" usually at specifed hourly rates. Fixed Fee or +ump,um contract is suitable if the scope and schedule of the pro-ect are su.ciently defn
What are the diferences among a fxed-price contract, a time-and-
materials contract, and a reimbursable contract in terms of how well defned a contract needs to be relatie to price, scope, and schedule prior to the commencement of an! wor"# $ow much control oer the project scope, price, and schedule should the contractor hae under each contract t!pe# Fixed Price Contract - the amount of payment does not depend on the amount of resources or time expended. Time and Materials Contract - Hybrid of fxed price and cost-reimbursement contracts is paid on the basis: 1 !ctual cost of direct labor" usually at specifed hourly rates # !ctual cost materials and e$uipment usa%e & !%reed upon fxed add-on to co'er the contracts o'erheads ( proft )eimbursement Contract - contract under *hich allo*able ( reasonable costs incurred by a contractor in the performance of a contract are reimbursed in accordance *ith the terms of the contract. $ow di%cult is it to handle out-of-scope wor" with the & contract t!pes (fxed price, time and materials, reimbursable) after an agreement has been executed# Fixed price contracts ha'e a ne%otiated price that remains the same o'er the life of the contract. ! Fixed Fee or +ump ,um Contract is suitable if the scope and schedule of the pro-ect are su.ciently defned to allo* the consultin% en%ineer to estimate pro-ect costs. Contractor has the maximum control o'er pro-ect scope" price" and schedule in the Fixed Price contract. Time ( Materials - Time ( Materials contracts ha'e rates ne%otiated before contract a*ard for the cost by labor cate%ory and materials. !s *or/ is completed the contractor bills a%ainst the rates a%reed to in the contract re%ardless of the actual cost. )ates for labor and materials do not chan%e o'er the contract but are billed as incurred. Time and materials contracts can ha'e annual escalation rates incorporated in them to re0ect increasin% costs. Cost reimbursable contracts in'ol'e the %o'ernment payin% for the actual cost to complete the *or/. Cost reimbursable contracts ha'e a 'ariety of schemes for pro'idin% a fee or proft to the contractor. 1ne of them is the cost plus contract. This is a contract a%reement *herein the purchaser a%rees to pay the cost of all labor and materials plus an amount for contractor o'erhead and proft usually as a percenta%e of the labor and material cost. 1ut of scope *or/ can best be handled by the Time and materials contract as this *ill be billed by the rates already ne%otiated and the added $uantity of *or/ %oes as an addendum in the ori%inal contract a%reement. 2ith a fxed price" out of scope *or/ is more di.cult to decide *ho pays the bill. The customer could claim that because of somethin% the contractor has done has caused the out of scope to surface. 1n the other hand the contractor could claim that because of the proposal made by the customer is the reason *hy the out of scope has occurred. 1ut of scope" e'en thou%h hard to plan" should be discussed before the pro-ect starts. 2ith time and materials" out of scope should not be as di.cult" because time and materials ha'e already been established. Time and materials are already priced. Ho*e'er" e'en thou%h this is the most ris/ free" it should as *ell be discussed at the be%innin% of the pro-ect. )eimbursable should not be di.cult because e'erythin% is reimbursable. The problem *ith this contract is that the contractor may not be moti'ated to control the price. Ho*e'er" this also needs to be discussed at the be%innin% of the pro-ect. Fixed Price contracts are contracts re$uirin% a thorou%h /no*led%e of the exact scope of *or/. 3t is desi%ned to encompass the *hole pro-ect. 2ith that reality unli/ely" it means that a 4P1 contract *ill ha'e conditions set for additions and un/no*n scenarios. Time and materials contract is pretty open on the detail. 2hile one still needs to /no* the specifcs on *hat is bein% done" the exact units are not there. The reimbursement is set on the units of time by materials and labor. Thus" the expansion of tas/s only adds cost" not ne* ne%otiations. )eimbursable is li/ely the most di.cult. The contract is more open and each item is %ettin% added indi'idually and tallied as they %o. Thus the contract is not set on scope or on price. What do !ou see as the more common mista"es made b! customers'clients or their procurement representaties as it relates to project planning and contract formulation# 3 *ould say in my experience is that the scope is not accurate or all the costs are not accounted for. 2hen you are in a contract and you need to start addin% costs that *ere not ori%inally apart of the bid the chan%es tend to eat money $uic/ly a5ectin% the total cost. This does cut both *ays as the contractors can ma/e a mista/e readin% the scope or underestimatin% the costs of completin% certain tas/s. 6 Failin% to try the product or %et a free demonstration before purchasin% 6 +ittle or no research before purchasin% 6 Poor plannin% 6 7ot ac$uirin% ade$uate or competiti'e biddin% !ll re$uired information not submitted *ith purchase re$uest 7ot clearly defnin% the terms in a contract (ow that !ou "now the diferences among a fxed price contract, a time and materials contract, and a reimbursable contract, let)s discuss some of the fner points to consider* +o !ou thin" a fxed price contract re,uires less management attention than a reimbursable contract# Wh! or wh! not# Fixed Price: is a contract in *hich one party pays another party the full sum of money" in return for %oods and ser'ices. )eimbursable Contract: )eimbursable contracts typically fall *ithin similar constraints" they all in'ol'e the process in *hich one party sells a product for its actual than they recei'e a fee this basically this fee is the proft. Time-and Materials Contract: This particular type of contract is 'ery complex and in'ol'es one party purchasin% labor and material from a seller" the labor and materials associated *ithin these contracts are typically fxed in prices. 3 can only assume that more attention *ould ha'e to be %i'en to a reimbursable contract" mainly due to the fact that you ha'e to pay attention to *hat fee *ould be added at the end of the contract. 3n most of the cases a fxed price contract does re$uire less mana%ement attention. !s lon% as you ha'e a *ell defned pro-ect scope and specifcation for deli'erables" you only pay for the *or/ is *ell done. Ho*e'er" there are some complex pro-ects that uncertainty is a ma-or issue" contractor *ould only *or/ on the pro-ect on the bases of time ad material contract. For example" a 8, construction contractor *ould only ta/e a time and material contract from %o'ernment to build a communication to*er in 3ra$. Fixed price performance based contracts reduce the amount of resources and time de'oted to contract administration. Firm Fixed Price contracts ha'e detailed re$uirements and a price for the *or/. The Contractor carries total responsibility for proper performance of the *or/ althou%h appro'al of desi%n" dra*in%s" and the placement of purchase orders and subcontracts can be monitored by the 1*ner to ensure compliance *ith the specifcation. The *or/ to be performed must be closely defned. ,ince the contractor *ill not carry out any *or/ not contained in the specifcation *ithout re$uirin% additional payment" a fully de'eloped specifcation is 'itally important. The *or/ has to be performed *ithin a specifed period of time" and status9pro%ress can be monitored by the mana%ement to ensure that completion meets the contractual re$uirements. The lump sum9fxed price contract presents a lo* fnancial ris/ to the mana%ement" and the re$uired in'estment le'el can be established at an early date. )eferences: http:99***.pro-ectmana%ement.#:m.com9custom;.html We t!picall! hear of clients loo"ing for the lowest price, and rarel! does the term alue come into the picture# -s it assumed that the alue is there and is that a fair assumption most of the time# 7ot exactly sure about the $uestion bein% as/ed in re%ards to 'alue. My interpretation *ould be that 'alue e$uals the $uality *hen compared to the price of the product. 3n that case" 3 do not thin/ that the assumption of 'alue is appropriate" thou%h 3 do belie'e it is assumed most of the time. 2hen loo/in% for the lo*est price" the buyer usually assumes that the 'alue *ill be relati'e but in some instances this is not true. <ou may %et the same product *ith di5erent labelin% for a lo*er price. 1r you may assume the $uality of one product" based on the price" but in turn the $uality is not to par. =ood obser'ations" >incent. ?ust about e'ery company *ants the cost of the cheapest bidder" but they *ant the 'alue of the hi%hest bidder. 2e cannot assume anythin% here" especially that the 'alue *ill still be there e'en *ith one of the lo*est bidders. 2e also can@t assume that the hi%hest bidder o5ered that much more 'alue than the lo*est bidder. <ou must do an excellent -ob in narro*in% do*n your feld of bidders. Ao not ma/e assumption. !fter all" 'alue is the best for the dollar not the cheapest or the hi%hest in price. 3 ha'e some experience *ith contractors. My husband and 3 ha'e a facility@s mana%ement business and *e ha'e to outsource se'eral of our ser'ice 'ery often" mostly because licensin% purposes. 2e ha'e my husband@s experience and relationship *ith se'eral contractors around the area on our side. He has *or/ed in pro-ect m%mt for o'er a decade. The *orse part is ha'in% to ma/e a decision on *ho *ould %et the contract" *ithout ha'in% experience or an idea of ho* thin%s *or/. Contractin% can be 'ery costly if you don@t ha'e an idea of the 'endor@s prior *or/ and some idea of *hat they are doin% throu%h often super'ision. !t the end the customer@s satisfaction is in the line and this *ouldn@t a5ect the contractor but my company. 3f the *or/ is done incorrectly" 3@d ha'e to hire someone else to fx it and *ould lose money in the processB it has happened. $ow do !ou diferentiate a project plan from the project defnition# ! pro-ect plan is an appro'ed document bet*een a pro-ect mana%er and the customer. 3t is used to %uide and control the pro-ect. 3t explains in details ho* the pro-ect *ill be implemented" includin% the resources" milestones" tas/" deli'erables" and *or/ brea/do*n structure C24," scope" ris/ etc. The pro-ect defnition is used to set clear %oals of the pro-ect. 3t %i'es specifcations in terms of scope" schedule and bud%et. The pro-ect defnition could also be used to defne the pro-ect plan. The pro-ect defnition is sometimes referred to as a Pro-ect Charter. Pro-ect defnition refers to the pro-ect scope - 2H!T needs to be accomplished. 3t usually defnes the scope" inclusions" the boundaries of the pro-ect" and its associated products and ser'ices. 3t includes pro-ect constraints and assumptions and an initial 24," to name a fe*. The pro-ect plan includes the actions necessary to defne" inte%rate" and coordinate all subsidiary plans into a pro-ect mana%ement plan. The pro-ect plan defnes H12 the pro-ect is executed" monitored and controlled" and closed. The lon% and short of it" the pro-ect defnition sho*s the 2H!T of the pro-ect *hile the pro-ect mana%ement plan sho*s the H12. .o continue with the releance of the project defnition and project plan (schedule) to contracts/ what components of the project defnition and schedule hae a role in the contract aspects# The contract *ill ha'e the details of the pro-ect" includin% end dates and the deli'erables. The pro-ect@s scope" timeline and bud%et are /ey roles in the content of the contract. $ow man! companies toda! do !ou feel ta"e on projects (or business operations) without frst deeloping a comprehensie and detailed project plan# +o !ou thin" this will change as the new generation of middle managers (man! of which hae 0123s or other post-graduate management degrees) are promoted into project management positions# What are some industries that !ou feel could continue to operate without much project'business planning and what are some industries that will become increasingl! more dependent on this aspect of business management in order to be successful# 3 *ill say most companies includin% some lar%e companies *ill ta/e on a pro-ect *ith little or no pro-ect plan. The reason is because a lot of pro-ect mana%ers" to put it blunt" do not ha'e the education or ha'e not ta/en the courses needed to be a pro-ect mana%er. These mana%ers are so ine.cient that they are unable to e'en communicate *ith their employees humanly *ithout stressin% them out or to strate%ically plan anythin%. 3 a%ree that this is short-li'e because as ne* %eneration of post %raduate and M4!Ds as you ha'e stated mer%e into mana%ement positions the strai%ht line *ill %radually cur'e to include pro-ect plans and clear scopes. The industries that could operate *ithout much pro-ect plannin% are smaller mom ( pops businesses or small businesses. +ar%er corporations especially in manufacturin% and 3T" because of their hi%h outsourcin% rate" *ill become more dependent on pro-ect plans in order to do *ell.
! pro-ect plan is a document used to coordinate the entire pro-ect plannin% documents and helps %uide a pro-ectDs execution and control. 3t should be 0exible and sub-ect to chan%e *hen the en'ironment or pro-ect chan%es. 3t assists the pro-ect mana%er in leadin% the pro-ect team and helps *ith the assessment of the pro-ectDs status. 2or/in% *ith a bi% or%aniEation such as =o'ernment you need to ha'e a *ell defned pro-ect plan. This type of industry needs to ha'e a pro-ect plan to be able to successfully execute the pro-ect and monitor the pro-ect throu%h completion. Most of the pro-ects are o'er se'eral years and re$uire detailed plannin% for schedules" resources" and identifyin% the ris/s that could occur. 8sin% the plannin% approach *ill prepare the pro-ect team to deal *ith the ris/s that could be encountered. my experience has been that it is usually the lar%er companies that fail to implement pro-ect plannin% practices. They ha'e the structure in place" but for some reason they fail to follo* throu%h *ith it more often than not. 2hat has been your experienceF The lar%e company *ouldnDt thin/ of implementin% a pro-ect *ithout a formal plan. They are also 'ery adamant about follo*in% throu%h *ith the outlines steps and re$uire *ee/ly meetin%s and status reports to ma/e sure that e'erythin% is %oin% on schedule and as planned. Ho*e'er" an ine5ecti'e mana%er *ould be more of the problem in implementin% pro-ect pannin%. 8nfortunately" at a lar%e company" %ettin% rid of a mana%er ta/es time. 1n the contrast" a small company is more a%ile. ! de'iation from the pro-ect plannin% *ould be spotted $uic/ly and correcti'e action *ould be ta/en more e5ecti'ely to brin% bac/ the course. Pro-ect defnition is defnin% the pro-ect re$uirements. Pro-ect defnition contains important pro-ect information to ensure that the pro-ect team addresses" and a%rees upon" /ey pro-ect elements. ,uch elements include bac/%round and summary" %oals and /ey deli'erables" milestones" assumptions" ris/s" cost estimates" le%al issues" or other rele'ant information. Pro-ect Plan is defned as a formal" appro'ed document" in summariEed or detailed form" used to %uide both pro-ect execution and control. Aocuments plannin% assumptions and decisions" facilitates communication amon% sta/eholders" and documents appro'ed scope" cost" and schedule baselines. 1ften the parties *ill a%ree to the de'elopment of t*o pro-ect plans-the initial pro-ect plan re0ectin% the customer@s %eneral business re$uirements Cusually done at an early sta%e in the pro-ect de'elopment and at a later" or fnal" pro-ect plan de'eloped after 'endor due dili%ence to *hich the 'endor *ill commit to specifc deli'erables and deadlines.