Make-or-Buy Decisions
n project management, project managers need to make strategic choices when it comes to procuring items from suppliers. The make-or-buy decisions are often items…
1 min readKnowledge topic
Procurement Management
articles.
Procurement planning, contracts, make-or-buy decisions, vendor selection, and commercial project controls.
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Make-or-Buy Analysis
Understanding Make-or-Buy Analysis in Project Management Make-or-buy analysis is a fundamental project management technique used to determine whether specific work or deliverables should be…
3 min readTarget Completion Date
The Target Completion Date , or TCD, is the deadline given when all phases of a specific project are to be finished. If you…
5 min readInvitation for Bid
The project management term invitation to bid is also referred to by the easy to remember three letter anagram IFB. It refers specifically to…
1 min readIndependent Estimates
Independent Estimates in Project Management In project management, independent estimates play a crucial role in validating whether a project's schedule and costs can be…
3 min readIncentive Fee
To motivate the sellers, incentives should be given. An incentive fee is a set of monetary incentives that are given as a reward for…
1 min readFixed-Price-Incentive-Fee Contract
The term firm fixed price contract refers specifically to a type or variety of fixed price contract where the buyer or purchaser pays the…
1 min readFixed-Price or Lump Sum Contract
The term firm fixed price or lump sum contract refers specifically to a type or variety of fixed price contract where the buyer or…
3 min readFixed Price with Economic Price Adjustment Contract (FP-EPA)
In project management, contracts are an essential tool for defining the relationship between the buyer and seller, establishing terms for payment, deliverables, and responsibilities.…
4 min readFirm-Fixed-Price Contract
The term firm fixed price contract refers specifically to a type or variety of fixed price contract where the buyer or purchaser pays the…
1 min readTraining connection