Fixed-Price Contract The Fixed-Price contract, is a type of contract, wherein the seller or service provider agrees to deliver a specific product or service for a price that has already been set. This type of contract is used in business and project management. In a fixed-price contract, the buyer and seller agree on a set price for…
Fixed Price Incentive FeeContract (FPIF) A Fixed Price Incentive Fee Contract (FPIF) is a type of contract used in government contracting and project management, where the contractor is paid a fixed price for completing a project or delivering a product or service, with an added incentive fee for meeting or exceeding certain performance targets. Under an FPIF…
Fixed Price with Economic Price Adjustment (FPEPA) The Fixed Price with Economic Price Adjustment (FPEPA) contract is used in project management to set a fixed price for a project, with changes based on how the economy is doing. This kind of contract can help project managers deal with risk by giving them a way to handle changes…
Flowchart A flowchart is a picture of a process or routine that shows the steps needed to finish a job by using different shapes and symbols. The plan helps you see how the whole process works and helps you find possible problems or places to improve. Here are the most popular images used to make flowcharts: Start/End…
Function Point Function Point (FP) is a method for estimating software that measures how useful a software system is from the user’s point of view. It is a metric used to determine the size and complexity of a software project by evaluating the number of inputs, outputs, inquiries, internal files, and external interfaces within the system. In…
Gantt Chart A Gantt chart is a tool for managing projects that shows the schedule of a project in a visual way. It is a bar chart that shows the start and end dates of each task or activity, as well as how long they take and which tasks they depend on. Gantt charts are helpful because…
Project Governance Governance in project management is the system of policies, procedures, and guidelines that define how projects are planned, carried out, monitored, and controlled within an organisation. It makes sure that projects are in line with the strategic goals and objectives of the organisation and are done in a way that is open, accountable, and ethical….
Hierarchy Chart A hierarchy chart is a type of picture that shows how different levels or parts of a system or organization fit together in a hierarchy. Usually, the chart looks like a tree, with the highest level on top and the lowest level at the bottom. Each level of the hierarchy is shown by a box…
