Types of Contracts - Key Concepts in Project Management

[@navreetkaurhundal]

thank you david for such a valuable information. the way you explained the agreement and contracts are very organized and easy to understand. you explained the contracts in very short period of time and save much of my time. i have been through multiple videos of same topics but the way you explained is very trouble free.

[@davidmclachlanproject]

Thank you 🙂 I am very glad it was helpful.

[@sharikasha1258]

David, thank you for all your videos. I have my exam couple of weeks. Let's see how it goes but watching your videos I have learnt alot already. Big thank you to you.

[@shiguhombunaka4380]

Thank you, makes my lessons much easier.

[@csatney]

Thank you so much, David. Your videos really help. they are short but comprehensive and your method and tone really help with understanding the information.

[@Mohanad52023]

thanks, David. These are wonderful and useful materials. well summarized and introduced.

[@marytakon]

Well explained! The PMBOK guide can get a person dizzy with all the wordiness🙄

[@daio6968]

Very good and funny videos bring a great sense of entertainment!

[@thenottakenone]

hi thanks! Why do say, that in "Cost plus incentive fee" there is a Fixed Fee PLUS an Incentive? Isn't that all the incentive dependent of metrics?

[@sarahmackweldon4142]

This is great info! What I'm having trouble wrapping my head around is why agreements are inputs to the project charter? Why would it be done that early when you may not know exactly what resources are needed yet?

[@davidmclachlanproject]

This is a great question. The agreements they mention for the Project Charter don't have to be fully fledged contracts - they could be a basic agreement, a memorandum of understanding, even a verbal agreement or an email. Also remember for your exam - you can have an agreement without a contract, but you can't have a contract without an agreement 🙂

[@sarahmackweldon4142]

@@davidmclachlanproject Thank you for the clarification, that makes sense! So, would an agreement like that more likely be made within the company or with prior company partners? For example, that a group that worked on a similar successful project would follow along those same agreements? Thanks again for your time with this question!

[@davidmclachlanproject]

@@sarahmackweldon4142 Another good question! I have seen both. Agreements of all sorts within the company are very common - among teams, among executives, across functions - verbally, written, formal and informal. But I've also seen executives fly to another country for a Commercial Off The Shelf (COTS) software product, and come back with a basic agreement to proceed before the proper contract to procure that software was locked in (which came after they had all our requirements). The possibilities with projects are never ending! Which is why the PMBOK encourages us to tailor our approach :-)

[@unleashed2724]

In my textbook, they abbrievated Fixed Price with Economic Price Adjustments as FP-EPA rather than FPWEA. I have a final exam coming up in 2 weeks, should I be worried if they use the other abbreviation? The exam is going to be based on the textbook.

[@thibanpurushothaman3532]

Thank you

[@alanoudaj1113]

Thank you so much

[@snakedodo2]

What's the difference between CPIF and CPAF ? I think they are pretty similar

[@davidmclachlanproject]

Good question, and they are very similar. The main difference is the Incentive Fee is agreed beforehand, and the amount is based on real project performance data (like finishing before a certain date, or under a certain price), while an Award Fee is paid only if the buyer wants, and is based on subjective info like being pleased with the outcome.

[@kaziislam7797]

I think there is rushness in your delivered presentation...your style of presentation needs to be changed...

[@tsundear1731]

It’s not his fault if English isn’t your first language. Just slow the video down, it’s one click of a button

[@kaziislam7797]

@@tsundear1731 Concepts in PMBOK are mostly interconnected...I have seen the presenter delivering topics line by line as mentioned in the slides..Thats why I said rushness in the delivery..Its not about language barrier..You delivered piles of topic just by reading the slides - "Do you think that make sense?" .