Fixed-price contracts - Revision history

S220719 at 10:03, 25 March 2022

2022-03-25T10:03:35Z

← Older revision		Revision as of 10:03, 25 March 2022
Line 16:		Line 16:
	=='''Big idea'''==		=='''Big idea'''==
	A project manager's role is to manage a project. Project management is the planning, delegating, monitoring, and control of all the aspects of the project. Project management is also the motivation of those involved in the project. This is done to achieve the project objectives within the expected performance targets. There are six aspects/variables involved in any project, and therefore six project performances to be managed. These aspects/variables are cost, timescales, quality, scope, benefits, and risk.<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>		A project manager's role is to manage a project. Project management is the planning, delegating, monitoring, and control of all the aspects of the project. Project management is also the motivation of those involved in the project. This is done to achieve the project objectives within the expected performance targets. There are six aspects/variables involved in any project, and therefore six project performances to be managed. These aspects/variables are cost, timescales, quality, scope, benefits, and risk.<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>



	The first aspect involved in any project is the cost and agreements. In projects, agreements take the form of contracts. A contract is a binding agreement between the supplier to provide the specified product, service, or result and the client to pay for the service. A project manager can use different types of contracts; some are listed here.<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>		The first aspect involved in any project is the cost and agreements. In projects, agreements take the form of contracts. A contract is a binding agreement between the supplier to provide the specified product, service, or result and the client to pay for the service. A project manager can use different types of contracts; some are listed here.<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>
Line 234:		Line 232:

	In this conference paper Lowden, G. & Thornton, J. provides knowledge on the special challenges of project management under fixed-price contracts. The paper is about the Risk Management, Cost Management, and how Manage a Fixed-Price Project.		In this conference paper Lowden, G. & Thornton, J. provides knowledge on the special challenges of project management under fixed-price contracts. The paper is about the Risk Management, Cost Management, and how Manage a Fixed-Price Project.


	2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>		2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>
Line 243:		Line 240:

	The PRINCE2 is firmly established as the world's most practiced method for project management and is globally recognized for delivering successful projects. The updated 2017 guidance, its first since 2009, places a strong emphasis on the scalability and flexibility of the method and on how best to tailor it to the complexity and specific requirements of a project.		The PRINCE2 is firmly established as the world's most practiced method for project management and is globally recognized for delivering successful projects. The updated 2017 guidance, its first since 2009, places a strong emphasis on the scalability and flexibility of the method and on how best to tailor it to the complexity and specific requirements of a project.


	3. Fixed-Price Contract: What You Need to Know for Your Project<ref name="one">[''https://www.projectmanager.com/blog/fixed-price-contract'']</ref>		3. Fixed-Price Contract: What You Need to Know for Your Project<ref name="one">[''https://www.projectmanager.com/blog/fixed-price-contract'']</ref>

S220719 at 10:00, 25 March 2022

2022-03-25T10:00:29Z

← Older revision		Revision as of 10:00, 25 March 2022
Line 15:		Line 15:

	=='''Big idea'''==		=='''Big idea'''==
	A project manager's role is to manage a project. Project management is the planning, delegating, monitoring, and control of all the aspects of the project. Project management is also the motivation of those involved in the project. This is done to achieve the project objectives within the expected performance targets. There are six aspects/variables involved in any project, and therefore six project performances to be managed. These aspects/variables are cost, timescales, quality, scope, benefits, and risk.<ref>[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>		A project manager's role is to manage a project. Project management is the planning, delegating, monitoring, and control of all the aspects of the project. Project management is also the motivation of those involved in the project. This is done to achieve the project objectives within the expected performance targets. There are six aspects/variables involved in any project, and therefore six project performances to be managed. These aspects/variables are cost, timescales, quality, scope, benefits, and risk.<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>



	The first aspect involved in any project is the cost and agreements. In projects, agreements take the form of contracts. A contract is a binding agreement between the supplier to provide the specified product, service, or result and the client to pay for the service. A project manager can use different types of contracts; some are listed here.<ref>[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>		The first aspect involved in any project is the cost and agreements. In projects, agreements take the form of contracts. A contract is a binding agreement between the supplier to provide the specified product, service, or result and the client to pay for the service. A project manager can use different types of contracts; some are listed here.<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>

	- Fixed-price contracts: This contract involves setting a fixed price for a well-defined product or service.		- Fixed-price contracts: This contract involves setting a fixed price for a well-defined product or service.
Line 236:		Line 236:


	2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref>[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref>[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>		2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref name="bla">[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref name="ha">[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>

	The guide to the Project Management Body of Knowledge (PMBOK® Guide) is PMI’s flagship publication and is a fundamental resource for effective project management in any industry. Over the years, business has changed considerably, but projects remain critical drivers of business success.		The guide to the Project Management Body of Knowledge (PMBOK® Guide) is PMI’s flagship publication and is a fundamental resource for effective project management in any industry. Over the years, business has changed considerably, but projects remain critical drivers of business success.

S220719 at 09:58, 25 March 2022

2022-03-25T09:58:23Z

← Older revision		Revision as of 09:58, 25 March 2022
Line 231:		Line 231:

	=='''key references'''==		=='''key references'''==
	~~(3-10), where a reader can find additional information on the subject.~~


	1. Lowden, G. & Thornton, J. (2015). The special challenges of project management under fixed-price contracts. Paper presented at PMI® Global Congress 2015—EMEA, London, England. Newtown Square, PA: Project Management Institute.<ref name="to">[''https://www.pmi.org/learning/library/challenges-fixed-price-contracts-9640'']</ref>		1. Lowden, G. & Thornton, J. (2015). The special challenges of project management under fixed-price contracts. Paper presented at PMI® Global Congress 2015—EMEA, London, England. Newtown Square, PA: Project Management Institute.<ref name="to">[''https://www.pmi.org/learning/library/challenges-fixed-price-contracts-9640'']</ref>

S220719 at 09:57, 25 March 2022

2022-03-25T09:57:51Z

← Older revision		Revision as of 09:57, 25 March 2022
Line 248:		Line 248:


	3. <ref name="one">[''https://www.projectmanager.com/blog/fixed-price-contract'']</ref>		3. Fixed-Price Contract: What You Need to Know for Your Project<ref name="one">[''https://www.projectmanager.com/blog/fixed-price-contract'']</ref>

			In this article William Malsam describes what you need to know for your fixed-price Project. The article describes also what should be included in a fixed-price contract.

S220719 at 09:55, 25 March 2022

2022-03-25T09:55:03Z

← Older revision		Revision as of 09:55, 25 March 2022
Line 246:		Line 246:

	The PRINCE2 is firmly established as the world's most practiced method for project management and is globally recognized for delivering successful projects. The updated 2017 guidance, its first since 2009, places a strong emphasis on the scalability and flexibility of the method and on how best to tailor it to the complexity and specific requirements of a project.		The PRINCE2 is firmly established as the world's most practiced method for project management and is globally recognized for delivering successful projects. The updated 2017 guidance, its first since 2009, places a strong emphasis on the scalability and flexibility of the method and on how best to tailor it to the complexity and specific requirements of a project.


			3. <ref name="one">[''https://www.projectmanager.com/blog/fixed-price-contract'']</ref>

S220719 at 09:52, 25 March 2022

2022-03-25T09:52:43Z

← Older revision		Revision as of 09:52, 25 March 2022
Line 244:		Line 244:

	The book includes The Standard for Project Management. The standard is the foundation upon which the vast body of knowledge builds, and the guide serves to capture and summarize that knowledge.		The book includes The Standard for Project Management. The standard is the foundation upon which the vast body of knowledge builds, and the guide serves to capture and summarize that knowledge.

			The PRINCE2 is firmly established as the world's most practiced method for project management and is globally recognized for delivering successful projects. The updated 2017 guidance, its first since 2009, places a strong emphasis on the scalability and flexibility of the method and on how best to tailor it to the complexity and specific requirements of a project.

S220719 at 09:50, 25 March 2022

2022-03-25T09:50:37Z

← Older revision		Revision as of 09:50, 25 March 2022
Line 241:		Line 241:
	2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref>[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref>[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>		2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref>[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref>[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>

			The guide to the Project Management Body of Knowledge (PMBOK® Guide) is PMI’s flagship publication and is a fundamental resource for effective project management in any industry. Over the years, business has changed considerably, but projects remain critical drivers of business success.

			The book includes The Standard for Project Management. The standard is the foundation upon which the vast body of knowledge builds, and the guide serves to capture and summarize that knowledge.

S220719 at 09:47, 25 March 2022

2022-03-25T09:47:34Z

← Older revision		Revision as of 09:47, 25 March 2022
Line 232:		Line 232:
	=='''key references'''==		=='''key references'''==
	(3-10), where a reader can find additional information on the subject.		(3-10), where a reader can find additional information on the subject.


			1. Lowden, G. & Thornton, J. (2015). The special challenges of project management under fixed-price contracts. Paper presented at PMI® Global Congress 2015—EMEA, London, England. Newtown Square, PA: Project Management Institute.<ref name="to">[''https://www.pmi.org/learning/library/challenges-fixed-price-contracts-9640'']</ref>

			In this conference paper Lowden, G. & Thornton, J. provides knowledge on the special challenges of project management under fixed-price contracts. The paper is about the Risk Management, Cost Management, and how Manage a Fixed-Price Project.


			2. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)<ref>[''A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)'']</ref>, and Managing Successful Projects with PRINCE2 2017 Edition<ref>[''Managing Successful Projects with PRINCE2 2017 Edition'']</ref>

S220719 at 09:33, 25 March 2022

2022-03-25T09:33:09Z

Show changes

S220719 at 09:30, 25 March 2022

2022-03-25T09:30:39Z

← Older revision		Revision as of 09:30, 25 March 2022
Line 237:		Line 237:

	<references/>		<references/>

	~~1. https://www.projectmanager.com/blog/fixed-price-contract~~

	~~2. https://www.levelset.com/blog/fixed-price-contract/~~

	~~3. https://www.coconstruct.com/blog/builders-use-fixed-price-construction-contracts-80-of-the-time~~

	~~4. https://learn.financestrategists.com/finance-terms/fixed-price-contract/ Ny!!!~~

	~~5. https://www.pmi.org/learning/library/challenges-fixed-price-contracts-9640 Ny!!!~~

	~~6. Managing Successful Projects with PRINCE2 2017 Edition~~

	~~7. A guide to the Project Management Body of Knowledge (PMBOK guide), 7th Edition (2021)~~

	~~8. https://exoft.net/why-a-fixed-price-contract-is-a-bad-idea-for-your-project/~~

	~~9. https://blog.ipleaders.in/advantages-and-disadvantages-of-fixed-price-contracts/~~