12.1 Contracts
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This document discusses different types of contracts used in project management. It describes contracts as legal agreements between two or more parties. There are two main types of contracts: fixed-price contracts, used when requirements are well-defined, and cost-reimbursable contracts, best used when the scope is expected to change. Specific contract types are then defined, including firm fixed price, fixed price incentive fee, and cost plus fixed fee contracts. Time and materials contracts are also discussed as a hybrid approach.
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The document discusses different types of government contracts, including fixed price, cost type, and flexibly priced contracts. It explains key aspects of each contract type such as risk allocation, payment methods, and fee structures. The document also provides an overview of Earned Value Management (EVMS), describing it as a method to correlate cost and schedule performance by tracking budgeted, earned, and actual costs over the life of a contract.
Common contract types
This document discusses and compares various common contract types including fixed-price contracts like firm fixed price (FFP) and fixed price incentive fee (FPIF) contracts which set a fixed total price upfront and carry more risk for sellers. Cost-reimbursable contracts like cost plus fixed fee (CPFF) and cost plus incentive fee (CPIF) cover sellers' costs plus a fee and carry more risk for buyers. Time and materials (T&M) contracts are a hybrid that pay hourly rates and material costs. Each type allocates risk differently between buyers and sellers.
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Procurement contract type is an important PMP topic. It is one such topic that which forms the base for procurement knowledge areas
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Three types of Procurement Contract Type are discussed with examples. Pros and cons of each contract type are given so as to give a clear idea of what all is involved while making the legal agreement.
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Type of Contracts.
Unit Price
Fixed Price or Lumpsum Contract
-Fixed Price with Incentive Fee Contract
--Point of Total Assumption
Cost Plus or Cost Reimbursable Contract
-Cost Plus with Incentive Fee
Implied or Quasi Contract
Unilateral Contract
Bilateral Contract
Cost Plus Contract
An agreement between two parties whereby one party promises to reimburse the other party for the costs incurred and any additional profit after the completion of the project is called a COST-PLUS CONTRACT.
https://efinancemanagement.com/costing-terms/cost-plus-contract
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This document discusses different types of contracts used to establish business agreements. It describes fixed price contracts where a service provider agrees to complete a defined service for a set price. Unit price contracts divide projects into units that are bid separately. Cost plus contracts reimburse service providers for costs plus an agreed fee. Incentive contracts share risks between parties for uncertain projects. Retainer contracts price time and materials for long-term engagements. Percentage of construction fee contracts pay service providers a percentage of estimated construction costs. The document recommends choosing contracts with minimum risk, like fixed price for predictable short-term projects and retainer or cost plus for exploratory ones.
Classification of contracts
This document discusses different types of construction contracts. It outlines various classification schemes, including separated, management, integrated, and discretionary contracts. Specific contract types are then defined, such as lump sum, item rate, percentage rate, cost plus percentage, management, construction management, design-build, and turnkey contracts. The key responsibilities and features of each contract type are provided.
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The document discusses different types of government contracts, including fixed price, cost type, and flexibly priced contracts. It explains key aspects of each contract type such as risk allocation, payment methods, and fee structures. The document also provides an overview of Earned Value Management (EVMS), describing it as a method to correlate cost and schedule performance by tracking budgeted, earned, and actual costs over the life of a contract.
Common contract types
This document discusses and compares various common contract types including fixed-price contracts like firm fixed price (FFP) and fixed price incentive fee (FPIF) contracts which set a fixed total price upfront and carry more risk for sellers. Cost-reimbursable contracts like cost plus fixed fee (CPFF) and cost plus incentive fee (CPIF) cover sellers' costs plus a fee and carry more risk for buyers. Time and materials (T&M) contracts are a hybrid that pay hourly rates and material costs. Each type allocates risk differently between buyers and sellers.
Procurement Contract Types | PMP | iZenBridge - Webinar
Procurement contract type is an important PMP topic. It is one such topic that which forms the base for procurement knowledge areas
The webinar on Procurement Contract Type is a base that forms the relationship between the buyer and the seller. This is a formal agreement unlike any other verbal agreement it has to be documented with precise details.
Three types of Procurement Contract Type are discussed with examples. Pros and cons of each contract type are given so as to give a clear idea of what all is involved while making the legal agreement.
For more details related to PMP exam or our upcoming PMP events visit https://www.facebook.com/izenbridge
Type of Contracts.
Unit Price
Fixed Price or Lumpsum Contract
-Fixed Price with Incentive Fee Contract
--Point of Total Assumption
Cost Plus or Cost Reimbursable Contract
-Cost Plus with Incentive Fee
Implied or Quasi Contract
Unilateral Contract
Bilateral Contract
Cost Plus Contract
An agreement between two parties whereby one party promises to reimburse the other party for the costs incurred and any additional profit after the completion of the project is called a COST-PLUS CONTRACT.
https://efinancemanagement.com/costing-terms/cost-plus-contract
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This document discusses different types of contracts used to establish business agreements. It describes fixed price contracts where a service provider agrees to complete a defined service for a set price. Unit price contracts divide projects into units that are bid separately. Cost plus contracts reimburse service providers for costs plus an agreed fee. Incentive contracts share risks between parties for uncertain projects. Retainer contracts price time and materials for long-term engagements. Percentage of construction fee contracts pay service providers a percentage of estimated construction costs. The document recommends choosing contracts with minimum risk, like fixed price for predictable short-term projects and retainer or cost plus for exploratory ones.
Classification of contracts
This document discusses different types of construction contracts. It outlines various classification schemes, including separated, management, integrated, and discretionary contracts. Specific contract types are then defined, such as lump sum, item rate, percentage rate, cost plus percentage, management, construction management, design-build, and turnkey contracts. The key responsibilities and features of each contract type are provided.
rate contract
A rate contract is an agreement between a purchaser and supplier to supply items at specified prices during the period covered by the contract. No quantities are mentioned, but the contractor is bound to supply orders placed during the contract period at the specified rates. Rate contracts are generally concluded for standard items with annual estimated purchases of Rs. 25 lakhs or more that have stable pricing and are not subject to major market fluctuations. The decision to add or remove items is made by the Standing Review Committee which includes representatives from major procuring departments. Current rate contracts are evaluated based on contractor performance and market conditions to determine if items should remain on contract.
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Contracts provide a legally-enforceable framework for guiding any and every type of business relationship, from employment agreements to orders for parts and supplies. While these agreements are key to guiding business relationships and ventures across all sectors, getting contracts right is especially important within construction, where the ability to complete a build on time, on budget and to code hinges upon all vendor arrangements going as expected. From the builder’s perspective, contracts are also important for preventing scope creep and to reducing the risk of cost overruns they may unexpectedly have to absorb.
Construction management contracts encompass the work and/or materials required for a building project. Typically, they will address:
1)Project/deliverable specifications
2)Labor and material requirements
3)Timelines for completion/delivery
4)Compensation formula and amounts
While construction management agreements will typically include the above, they can be structured differently, with numerous types of contracts that are designed to best meet the needs of all parties under all sorts of different scenarios. Familiarizing yourself with the types of contracts that are typically in play within building projects is an important first step to optimizing all contract-related processes within construction management.
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This document provides an overview of IAS 11 Construction Contracts, including the standard's scope, types of construction contracts, classification of contracts, accounting for contract revenue and costs, and recognition of revenue and costs over time based on the percentage of completion method. Key points covered include distinguishing between fixed-price and cost-plus contracts, treating multiple or additional asset contracts as separate or combined, including variations, claims and incentives in revenue, and recognizing expected losses immediately.
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This document defines different types of construction contracts and summarizes their key aspects. It discusses lump sum, unit price, cost plus, and other contract types. For each type it provides an overview of how payment is determined, as well as advantages and disadvantages from the perspective of owners and contractors. The goal of different contract types is to appropriately allocate risk between owners and contractors for a given project scope, schedule and budget.
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CONTRACTS, CONTAINING INFORMATION REGARDING NEGOTIATED CONTRACTS WITH ITS TYPES AND INCLUDING PICTURES RELATED WITH TOPICS, COST PLUS PERCENTAGE RATE CONTRACT, MERITS OF THE CONTRACT, DEMERITS OF CONTRACTS, DESCRIPTION ABOUT TTYPES OF NEGOTIATED CONTRACTS, TOPIC IS LINKED WITH CONSTRUCTION AND PLANNING MANAGAGMENT
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This document discusses various types of construction contracts. It describes direct employment, where the owner hires an organization to be responsible for construction. It also discusses fixed-price contracts like lump sums and unit prices, where the contractor agrees to a fixed total price or unit rates. Cost-plus contracts shift risks to the owner by paying the contractor's actual costs plus a percentage fee, without incentives for the contractor to control costs. Other contract types like target estimates and guaranteed maximum costs aim to balance risks between the owner and contractor.
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Conducting procurements manages the actual procurement process. Its inputs are the procurement management plan and seller proposals. Tools include procurement negotiations and contract types. Outputs are the project documents updates and organizational process assets updates.
Contract administration manages the executed contracts. Its inputs are the project documents, work performance reports
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Costs are necessary expenses for a business and are categorized as either variable or fixed. Variable costs change directly with production levels, increasing as production increases and decreasing as production decreases. Fixed costs remain the same regardless of the production level and include expenses like rent and loan interest. The total costs of a business are the sum of total variable costs and total fixed costs.
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Derivatives are financial instruments whose value is based on an underlying variable such as interest rates or commodity prices. There are two key accounting concepts for derivatives - changes in fair value are recognized in earnings unless the derivative is used for hedging, in which case changes may be recorded in other comprehensive income. Derivatives are used to manage financial risks like price, credit, interest, and foreign exchange risk. To qualify for hedge accounting, the hedging relationship must meet effectiveness criteria where the items' value changes offset. Embedded derivatives are components of hybrid contracts that affect cash flows like standalone derivatives.
Be unit 6
The document discusses different types of costs that a firm considers when determining production levels, including:
- Fixed costs that do not vary with output. Variable costs vary with output levels. Total costs are the sum of fixed and variable costs.
- Average costs include average fixed cost, average variable cost, and average total cost. Marginal cost is the change in total cost from producing one additional unit.
- Opportunity costs represent the value of the next best alternative forgone. Implicit costs do not involve direct payments but represent foregone opportunities.
- Cost functions determine how costs change with output and allow firms to allocate resources and set prices efficiently. Short-run and long-run cost functions are discussed.
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The document provides a template for a procurement management plan that defines procurement processes for a project. The template includes sections for roles and responsibilities, procurement items and timelines, contractual formats, costs, risks, documentation, constraints, approval processes, decision criteria, and vendor management. It also includes appendices for version history, glossary of terms, and related documentation.
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This document discusses the differences between fixed price and time and materials (T&M) contracts for software development projects. It notes that fixed price contracts manage risk by guaranteeing a set cost, but require clearly defining the project scope upfront, while T&M contracts provide more flexibility but leave the client bearing costs risks. The document suggests asking questions about how clear the project scope is, how important risk management vs flexibility are, and recommends using T&M initially if the scope is unclear before moving to a fixed price contract once the requirements are better defined.
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The document discusses various types of construction contracts including: lump sum contracts where the owner pays a specified amount upon completion; cost plus contracts where the owner pays the contractor's documented costs plus an additional fee; and integrated contracts where a single contractor is responsible for design and construction like design-build or turnkey contracts. Management contracts involve appointing a contractor to coordinate other subcontractors. Measurable and item rate contracts establish payment based on physical measurements or rates for units of work.
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This document discusses project procurement management for construction and real estate projects. It covers planning procurement, developing procurement documents like statements of work, making make-or-buy decisions, and selecting appropriate contract types based on factors like risk, requirements definition, and incentives. Contract management processes are also outlined, including qualifying contractors, managing contractor performance, and addressing changes to contracts.
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The document provides an overview of contract types and selection criteria. It defines key terms like statement of work and discusses different categories of contracts including fixed-price, cost reimbursement, and structured types. For each major contract type there are sub-types described in detail, outlining their characteristics, common applications, benefits, and constraints. The document aims to guide selection of the optimal contract type based on the specific needs, risks, and circumstances involved.
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This document summarizes various contract types including fixed-price, cost-reimbursable, and time and materials contracts. It provides details on key contract types such as firm fixed price (FFP), cost-plus-fixed-fee (CPFF), cost-plus-incentive-fee (CPIF), and time and materials (T&M). For each contract type, it outlines essential elements, conditions for use, advantages, and limitations. The document aims to help procurement professionals understand what types of contracts are suitable for different project needs based on certainty of requirements and ability to estimate costs.
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rate contract
A rate contract is an agreement between a purchaser and supplier to supply items at specified prices during the period covered by the contract. No quantities are mentioned, but the contractor is bound to supply orders placed during the contract period at the specified rates. Rate contracts are generally concluded for standard items with annual estimated purchases of Rs. 25 lakhs or more that have stable pricing and are not subject to major market fluctuations. The decision to add or remove items is made by the Standing Review Committee which includes representatives from major procuring departments. Current rate contracts are evaluated based on contractor performance and market conditions to determine if items should remain on contract.
Government Contracts 101 - Understanding the Basics of Contract Types
This is the slide deck from a recent Unanet webinar. We looked at the three main types of government contracts and the new hybrids that have cropped up in recent years. Whether you are new to Government Contracting, or are a long-term GovCon, there will be a little something for contractors of all shapes and sizes and all levels of experience.
Learn more at: https://www.unanet.com/news/demand-webinars
Types of contract
Contracts provide a legally-enforceable framework for guiding any and every type of business relationship, from employment agreements to orders for parts and supplies. While these agreements are key to guiding business relationships and ventures across all sectors, getting contracts right is especially important within construction, where the ability to complete a build on time, on budget and to code hinges upon all vendor arrangements going as expected. From the builder’s perspective, contracts are also important for preventing scope creep and to reducing the risk of cost overruns they may unexpectedly have to absorb.
Construction management contracts encompass the work and/or materials required for a building project. Typically, they will address:
1)Project/deliverable specifications
2)Labor and material requirements
3)Timelines for completion/delivery
4)Compensation formula and amounts
While construction management agreements will typically include the above, they can be structured differently, with numerous types of contracts that are designed to best meet the needs of all parties under all sorts of different scenarios. Familiarizing yourself with the types of contracts that are typically in play within building projects is an important first step to optimizing all contract-related processes within construction management.
Ias 11
This document provides an overview of IAS 11 Construction Contracts, including the standard's scope, types of construction contracts, classification of contracts, accounting for contract revenue and costs, and recognition of revenue and costs over time based on the percentage of completion method. Key points covered include distinguishing between fixed-price and cost-plus contracts, treating multiple or additional asset contracts as separate or combined, including variations, claims and incentives in revenue, and recognizing expected losses immediately.
Contracts
This document defines different types of construction contracts and summarizes their key aspects. It discusses lump sum, unit price, cost plus, and other contract types. For each type it provides an overview of how payment is determined, as well as advantages and disadvantages from the perspective of owners and contractors. The goal of different contract types is to appropriately allocate risk between owners and contractors for a given project scope, schedule and budget.
Negotiated contracts
CONTRACTS, CONTAINING INFORMATION REGARDING NEGOTIATED CONTRACTS WITH ITS TYPES AND INCLUDING PICTURES RELATED WITH TOPICS, COST PLUS PERCENTAGE RATE CONTRACT, MERITS OF THE CONTRACT, DEMERITS OF CONTRACTS, DESCRIPTION ABOUT TTYPES OF NEGOTIATED CONTRACTS, TOPIC IS LINKED WITH CONSTRUCTION AND PLANNING MANAGAGMENT
Types and forms of contracts
This document discusses various types of construction contracts. It describes direct employment, where the owner hires an organization to be responsible for construction. It also discusses fixed-price contracts like lump sums and unit prices, where the contractor agrees to a fixed total price or unit rates. Cost-plus contracts shift risks to the owner by paying the contractor's actual costs plus a percentage fee, without incentives for the contractor to control costs. Other contract types like target estimates and guaranteed maximum costs aim to balance risks between the owner and contractor.
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The document defines and explains the inputs, tools, and outputs of three project procurement management processes: plan procurement management, conducting procurements, and contract administration.
Plan procurement management determines whether to acquire outside support and what to acquire. Its inputs include the project management plan, requirements documentation, risk register, activity resource requirements, project schedule, activity cost estimates, stakeholder register, and organizational process assets.
Conducting procurements manages the actual procurement process. Its inputs are the procurement management plan and seller proposals. Tools include procurement negotiations and contract types. Outputs are the project documents updates and organizational process assets updates.
Contract administration manages the executed contracts. Its inputs are the project documents, work performance reports
Gcc vs scc
The document discusses the differences between general conditions of contract (GCC) and special conditions of contract (SCC). GCC contains standard terms and conditions that apply to all contracts regardless of factors like nature of work or supplier type. SCC relates to terms specific to a particular contract that can vary depending on contract specifics. It is not advisable to change GCC as it has long term legal implications, but SCC for a specific contract does not carry the same level of implications and is more tactical in nature. GCC is more strategic while SCC allows for changes specific to a contract or event.
Presentation2
Costs are necessary expenses for a business and are categorized as either variable or fixed. Variable costs change directly with production levels, increasing as production increases and decreasing as production decreases. Fixed costs remain the same regardless of the production level and include expenses like rent and loan interest. The total costs of a business are the sum of total variable costs and total fixed costs.
Contract closing ppt
(1) The document provides an overview of contract management and closing procedures for NTPC Ltd. It discusses key activities in the pre-award, award, and post-award stages of contract management. (2) Thirteen certificates must be issued by various departments to close contracts, verifying items like drawings received, scope completion, payments reconciled, and warranty period completion. (3) Contracts are closed by either corporate, regional offices, or project sites depending on contract type and location of work.
Accounts-marginalcosting
This document defines marginal costing as the change in aggregate costs from increasing or decreasing output by one unit. It explains that marginal costing is based on classifying costs as fixed or variable. Fixed costs remain constant regardless of output while variable costs change with output. Marginal costing helps management with decision making by treating variable costs as product costs and fixed costs as period costs. It is useful for determining break-even point, profit planning, and relative profitability analysis.
Accounting for Derivatives
Derivatives are financial instruments whose value is based on an underlying variable such as interest rates or commodity prices. There are two key accounting concepts for derivatives - changes in fair value are recognized in earnings unless the derivative is used for hedging, in which case changes may be recorded in other comprehensive income. Derivatives are used to manage financial risks like price, credit, interest, and foreign exchange risk. To qualify for hedge accounting, the hedging relationship must meet effectiveness criteria where the items' value changes offset. Embedded derivatives are components of hybrid contracts that affect cash flows like standalone derivatives.
Be unit 6
The document discusses different types of costs that a firm considers when determining production levels, including:
- Fixed costs that do not vary with output. Variable costs vary with output levels. Total costs are the sum of fixed and variable costs.
- Average costs include average fixed cost, average variable cost, and average total cost. Marginal cost is the change in total cost from producing one additional unit.
- Opportunity costs represent the value of the next best alternative forgone. Implicit costs do not involve direct payments but represent foregone opportunities.
- Cost functions determine how costs change with output and allow firms to allocate resources and set prices efficiently. Short-run and long-run cost functions are discussed.
Fme procurement-plan-template
The document provides a template for a procurement management plan that defines procurement processes for a project. The template includes sections for roles and responsibilities, procurement items and timelines, contractual formats, costs, risks, documentation, constraints, approval processes, decision criteria, and vendor management. It also includes appendices for version history, glossary of terms, and related documentation.
Fixed price vs time and material
This document discusses the differences between fixed price and time and materials (T&M) contracts for software development projects. It notes that fixed price contracts manage risk by guaranteeing a set cost, but require clearly defining the project scope upfront, while T&M contracts provide more flexibility but leave the client bearing costs risks. The document suggests asking questions about how clear the project scope is, how important risk management vs flexibility are, and recommends using T&M initially if the scope is unclear before moving to a fixed price contract once the requirements are better defined.
Cost Management in hotel by dino leonandri
This document discusses cost management in hotels. It defines costs as the money measurements of efforts to achieve objectives. For most hospitality operations, 90% of revenues go to costs, so cost management is important. There are various types of costs including fixed, variable, standard, direct, indirect, joint, controllable, discretionary, relevant, sunk, and opportunity costs. Understanding these cost classifications and behaviors is essential for effective cost management and decision making in the hotel industry.
Construction contract
The document discusses various types of construction contracts including: lump sum contracts where the owner pays a specified amount upon completion; cost plus contracts where the owner pays the contractor's documented costs plus an additional fee; and integrated contracts where a single contractor is responsible for design and construction like design-build or turnkey contracts. Management contracts involve appointing a contractor to coordinate other subcontractors. Measurable and item rate contracts establish payment based on physical measurements or rates for units of work.
2.12 procurement management 1
This document discusses project procurement management for construction and real estate projects. It covers planning procurement, developing procurement documents like statements of work, making make-or-buy decisions, and selecting appropriate contract types based on factors like risk, requirements definition, and incentives. Contract management processes are also outlined, including qualifying contractors, managing contractor performance, and addressing changes to contracts.
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Government Contracts 101 - Understanding the Basics of Contract Types
Government Contracts 101 - Understanding the Basics of Contract Types
Similar to 12.1 Contracts
The Basics of Contracting
The document provides an overview of contract types and selection criteria. It defines key terms like statement of work and discusses different categories of contracts including fixed-price, cost reimbursement, and structured types. For each major contract type there are sub-types described in detail, outlining their characteristics, common applications, benefits, and constraints. The document aims to guide selection of the optimal contract type based on the specific needs, risks, and circumstances involved.
Contract Types
This document summarizes various contract types including fixed-price, cost-reimbursable, and time and materials contracts. It provides details on key contract types such as firm fixed price (FFP), cost-plus-fixed-fee (CPFF), cost-plus-incentive-fee (CPIF), and time and materials (T&M). For each contract type, it outlines essential elements, conditions for use, advantages, and limitations. The document aims to help procurement professionals understand what types of contracts are suitable for different project needs based on certainty of requirements and ability to estimate costs.
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IAS 11 provides guidance on accounting for construction contracts. It defines construction contracts and outlines how to determine contract revenue and costs. Contract revenue and costs are recognized as the work progresses based on the stage of completion, provided the outcome can be reliably estimated. The standard also provides guidance on how to determine the stage of completion using different methods like cost-to-cost or surveys of work performed. Expected losses on contracts should be recognized immediately.
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The document provides an overview of project procurement management processes including:
1. Planning procurements by determining make-or-buy decisions, developing procurement documents, and evaluating bids.
2. Conducting procurements through soliciting and evaluating seller proposals, selecting sellers, and awarding contracts.
3. Administering procurements by managing contract performance, monitoring inspections and audits, and processing payments.
4. Closing procurements by completing all procurement activities and updating organizational assets.
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1. The document discusses various aspects of accounting for construction contracts such as types of contracts, combining and segmenting contracts, recognition of revenue and costs, expected losses, and disclosures.
2. It describes fixed price contracts and cost plus contracts as the main types of construction contracts. Revenue is recognized over time based on the percentage of completion method when outcomes can be reliably estimated.
3. Expected losses on contracts should be recognized immediately as expenses. Extensive disclosures are required including amounts due from/to customers, costs incurred, recognized profits/losses, and progress billings.
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The document discusses the types of contracts used in construction projects. It states that the material in the presentation is intended for educational purposes during the COVID-19 lockdown situation. Fair use of copyrighted material is permitted under accepted law. The contents are only intended for attendees of the class being conducted. It then defines contracts and describes various types of construction contracts like fixed-price contracts (lump sum, unit price), cost plus contracts, design and build contracts, construction management contracts, and other types like time and materials, supply, and build-operate-transfer contracts.
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The document discusses project procurement management which involves planning, acquiring products or services outside the project team, administering contracts, and closing out contracts. It covers making a make-or-buy analysis, different types of contracts including fixed price and cost reimbursable, planning procurements, conducting procurements by evaluating proposals and negotiating contracts, administering contracts, and closing out procurements including resolving disputes.
Construction contract
This document discusses IAS 11, which provides accounting standards for construction contracts. It defines key terms like construction contract and outlines the objectives of recognizing revenue and expenses over the duration of a contract based on the percentage of completion. It also addresses how to account for expected losses and incomplete contracts, and notes some differences between IAS 11, US GAAP, and UK GAAP standards. Contract accounts are used to track costs, revenue, and progress payments for construction projects.
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Here are the calculations for the questions:
Q1) Target Cost (TC) = $200,000
Target Fee (TF) = $50,000
Sharing Ratio (SR) = 60/40 = Buyer Share Ratio (BSR) = 60%, Seller Share Ratio (SSR) = 40% = 0.4
Actual Cost (AC) = $220,000
{(TC - AC) x SSR} + TF = {($200,000 - $220,000) x 0.4} + $50,000 = -$8,000 + $50,000 = $42,000
Final Price (FP) = AC + Actual Fee (AF) =
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CONTRACTS AND ITS TYPES
There are several types of construction contracts. Price-based contracts include lump sum contracts, where the contractor is paid a fixed price for the entire project, and unit price contracts, where payment is made based on rates for individual work units. Cost-based contracts include cost plus contracts, where the contractor is reimbursed for costs plus a fee or percentage, and guaranteed maximum price contracts, where the owner's liability is capped but the contractor can retain savings if the project costs less than estimated. The appropriate contract type depends on factors like project scope definition and risk allocation between owner and contractor.
Contract Essentials
This program will provide the essential information needed by individuals involved in the contracting process to fully understand about different contract types categorized by compensation methodology, most used contract models and risk factors when selecting a contract type.
Pmp procurement chapter 12
The document discusses project procurement management. It covers the key processes of planning procurement, conducting procurements, controlling procurements, and closing procurements.
The section on planning procurement (12.1) involves documenting procurement decisions, specifying the procurement approach, and identifying potential sellers. This includes conducting a make-or-buy analysis to determine whether items should be procured externally or produced internally.
The section on conducting procurements (12.2) covers obtaining seller responses, selecting sellers, and awarding contracts. This involves releasing procurement documents, evaluating proposals, and negotiating with sellers.
The document provides an overview of the major inputs, tools and techniques, and outputs for each procurement management process
PROCUMENT - Copy.pptx
The document discusses procurement management. It describes the key inputs, tools and techniques, and outputs of the plan procurement management process. This includes determining requirements, developing statements of work, evaluating bids/proposals, and making make-or-buy decisions on what work will be sourced externally. The goal is to acquire the necessary goods and services for a project in an efficient and cost-effective manner that meets requirements.
Advance 1020 1045
The document discusses different types of federal government contracts:
1) Fixed price contracts where the contractor provides services for a set price and bears any cost overruns. Cost reimbursement contracts reimburse contractors for costs incurred while performing the contract. Time and materials contracts pay contractors for their direct labor hours.
2) Sealed bidding is used when time permits competitive bids and award will be based on price alone. All bids are publicly opened and the contract is awarded to the responsible bidder with the lowest price.
3) Contractors must be determined responsible by ability to perform, adequate financial resources, satisfactory past performance, and eligibility under applicable laws.
PROCUREMENT CONTRACTS.pptx
There are several types of procurement contracts:
1) Framework contracts are used when requirements are needed on an as-needed basis but quantities and timing are undefined, allowing the repeated procurement of supplies, works or services over time through multiple orders.
2) Time-based contracts are used when scope and duration are difficult to define.
3) Cost-reimbursable contracts have the buyer pay the actual costs of the work plus any indirect costs, fees, or percentage of profits agreed upon. This places more risk on the seller.
4) Fixed price contracts set a clear price for a defined good, service, timeframe and responsibilities, making management straightforward for both parties.
procurement Management
Time and Material
Fixed Price
Fixed Price
Cost Plus Award Fee
1) The document discusses various types of contracts including fixed price, cost reimbursable, and time and material contracts. It provides examples of each type and their advantages and disadvantages.
2) A supply chain is defined as the entire process of making and selling goods from raw materials to the final customer. Managing supply chains is important for business competition.
3) The document then discusses how to plan procurement management including defining inputs, tools and techniques, and outputs for the process.
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10.1 Plan Communication Management
An effective communications management plan is developed early to recognize stakeholders' diverse information needs. The plan considers methods for storing, retrieving, and disposing of project information. Regular reviews ensure the plan remains applicable. Key outputs include the communications management plan, updates to the project management plan such as the stakeholder engagement plan, and updates to documents like the project schedule and stakeholder register.
9.5 Manage Team
Manage Team is the process of tracking team member performance, providing feedback, resolving issues, and managing team changes to optimize project performance. It involves skills like communication, conflict management, negotiation, and leadership. The key inputs are the project management plan, project documents like issues logs and lessons learned, work performance reports, and team performance assessments. Tools include conflict management techniques, decision making, influencing skills, and project management software. The main outputs are change requests, updates to the project management plan and documents, and updates to enterprise environmental factors.
12.1 Procurement Contracts
This document discusses different types of contracts used in project management. It describes contracts as legal agreements between two or more parties. There are two main types of contracts: fixed-price contracts, used when requirements are well-defined, and cost-reimbursable contracts, best used when the scope is expected to change. Specific contract types are defined, including firm fixed price (FFP), fixed price incentive fee (FPIF), cost plus fixed fee (CPFF), and time and material (T&M) contracts.
12.2 Conduct Procurements
This document describes the Conduct Procurements process, which coincides with PMBOK 12.2. The key inputs, tools/techniques, and outputs of the process are outlined. The process involves obtaining seller responses, selecting a seller, and awarding a contract. Expert judgement, data analysis, and negotiation are tools that can be used. The main output is selecting qualified sellers and establishing legal agreements/contracts.
12.3 Control Procurements
Control Procurements is the process of managing procurement relationships and monitoring contract performance to ensure requirements are met. It involves reviewing agreements and documentation, analyzing work performance data, and addressing any issues through inspection, audits, and change requests. The goal is to close out contracts after requirements have been fulfilled based on the terms of the agreement. Updates from this process include updated procurement documentation, project management plans, and organizational process assets.
6.5 Develop Schedule
The Develop Schedule process involves analyzing activity sequences, durations, resources, and constraints to create a project schedule model. Key steps include identifying milestones, sequencing activities, estimating durations, and resolving conflicts. Tools like critical path method, resource optimization, and data analysis help generate the schedule. The output is a schedule baseline approved by stakeholders, which is later used to measure project performance.
5.1 Plan Scope Management
The document discusses Plan Scope Management, which coincides with PMBOK Knowledge Area 5.1. It involves creating a scope management plan to define, validate, and control the project and product scope. The key benefit is providing guidance on how scope will be managed. Inputs include the project charter, project management plan, enterprise environmental factors and organizational process assets. Tools include expert judgment, data analysis and meetings. The main outputs are the scope management plan and requirements management plan.
4.4 Manage Project Knowledge
This document discusses the process of managing project knowledge according to the Project Management Body of Knowledge (PMBOK). It involves leveraging existing organizational knowledge and creating new knowledge to help achieve project objectives and contribute to organizational learning. Key inputs include the project management plan, project documents like a lessons learned register, and organizational process assets. Tools and techniques used include expert judgment, knowledge management, information management, and interpersonal skills. The main outputs are updates to the lessons learned register, project management plan, and organizational process assets.
Project Cost Forecasting Techniques with EAC, ETC, VAC, TCPI
Cost forecasting techniques are used to estimate the total expected cost of a project based on its current performance and remaining work. This includes estimating the expected total cost (EAC), remaining cost to complete the project (ETC), difference from planned budget (VAC), and level of efficiency needed (TCPI) based on formulas that factor in actual costs, budget, work completed, and current performance trends. An example is provided where a $10,000 project is 30% complete with $5,000 spent so far, and the EAC, ETC, VAC and TCPI are calculated using the relevant formulas.
Scenario - Project Management Processes | 2 of 2
The document outlines the key project management processes involved in planning and executing a project to move 200 employees to a new building. These include planning resource management, procurement, stakeholder engagement, communication, and risk management. The project manager then facilitates acquiring resources, managing risks, and engaging stakeholders. Upon completion, representatives validate the new space and systems before full deployment, with iterative improvements.
Scenario - Project Management Processes | 1 of 2
This document outlines the key processes involved in Project Management Process One. It begins by describing how a project charter and project management plan would be developed for a hypothetical project to move 200 employees to a new building. It then walks through how the scope, schedule, cost, and quality plans would be created by gathering requirements, defining deliverables, creating a work breakdown structure, estimating activities and costs, and developing a quality management plan. The document concludes by noting these initial plans will be used to monitor and control the project as it progresses.
Scenario - The Project Management Environment
The document discusses a project management scenario where the project manager is tasked with moving 200 employees to a new building including setting up computers, phone systems, and meeting rooms. It describes understanding the organizational environment including existing processes, stakeholders, and systems. The project manager determines they will need knowledge of both project management and the functional area. They choose a waterfall approach given the stable requirements and set budget.
Agile Scenarios - Delivering an Agile Environment
The consultant works with company leaders to implement Agile practices starting with one team. They identify 10 practices to implement, with Kanban selected first. A burndown chart and Kanban board are created and used to track progress. After two weeks, the first practice of Kanban is completed. More teams then adopt the approach over iterations and with a Scrum of Scrums process to coordinate progress across teams. After 10 iterations, most teams have implemented the targeted Agile practices.
Agile Scenarios - Core Practices
The document describes an example scenario of a project team using agile practices to develop a new website with a shopping cart for a client. It outlines the key agile practices used: assembling a cross-functional team, working in short iterations to develop features, prioritizing a backlog of user stories, daily stand-ups to track progress, demonstrating work at the end of each iteration, and reflecting on lessons learned to improve. The team uses these practices to iteratively develop and deliver the website's sales page and shopping cart features to the client.
Agile Core Practices - Rolling Wave Planning
Rolling wave planning is an iterative planning technique where work that will occur sooner is planned in more detail, while future work is planned at a higher level. It involves decomposing work packages into more detailed activities as more information becomes known about upcoming near-term events. Rolling wave planning uses techniques like decomposition and iterative scheduling with a backlog and allows for progressive elaboration of work packages, planning packages, and releases whether using agile or waterfall approaches.
6.0 Auxiliary Agile and Lean Frameworks
This document summarizes several agile and lean frameworks including Scrum, XP, Kanban, Behavior Driven Development, Agile Unified Process, Dynamic Systems Delivery Method, Crystal, Scrum of Scrums, Large Scale Scrum, Scaled Agile Framework, Enterprise Scrum, and Disciplined Agile. It provides brief descriptions of the core methods, principles, and techniques of each framework.
5.0 Core Agile and Lean Frameworks
This document discusses several agile and lean frameworks including Scrum, Kanban, eXtreme Programming (XP), Feature Driven Development (FDD), and others. It provides overviews of each framework, describing their core practices, events, artifacts, principles, and how they relate to agile development.
7.0 Delivering in an Agile Environment
The document discusses team chartering and measurement in agile environments. It states that in agile projects, teams initiate with a team charter that defines the project vision, stakeholders, definition of done, and working agreements. It also notes that agile favors measuring work completed through iterations using methods like burnup/burndown charts and estimating effort in story points. When adopting agile practices, the document recommends evolving the organization incrementally by treating changes as experiments and tracking progress using kanban boards.
4.0 The Agile Core Practices
The core Agile practices described in the document include whole team approach, early and frequent feedback, daily stand-ups, retrospectives, release and iteration planning, collaborative user story creation, demonstrations/reviews, and continuous integration. Some key benefits are enhancing communication, leveraging various skill sets, making quality everyone's responsibility, avoiding requirements misunderstandings, and promoting consistent project momentum.
3.0 The Agile Manifesto and Clarifying principles
The Agile Manifesto outlines four values of agile development: individuals and interactions over processes and tools, working software over comprehensive documentation, customer collaboration over contract negotiation, and responding to change over following a plan. It also describes twelve clarifying principles of agile development including delivering working software frequently, having business and developers work closely together daily, and valuing face-to-face conversation.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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12.1 Contracts
- 2. Contracts
- 3. What is it? Contracts are legal agreement relationships between two or more parties. An “Agreement” (e.g. to initiate a project with a charter) might not involve a Contract, but every contract will involve an agreement. Contracts
- 4. Types of contracts include: • Fixed-price contracts • Firm fixed price (FFP) • Fixed price incentive fee (FPIF) • Fixed price with economic price adjustments (FPWEA) • Cost-reimbursable contracts • Cost plus fixed fee (CPFF) • Cost plus incentive fee (CPIF) • Cost plus award fee (CPAF) • Time and material contracts Contracts
- 5. Fixed-price contracts A fixed total price for a defined product, used when the requirements are well defined and no significant changes to the scope are expected. Contracts
- 6. Firm fixed price (FFP) The most commonly used contract type – won’t change unless scop of works changes. Fixed price incentive fee (FPIF) Allows for deviation from performance, with financial incentives tied to achieving agreed-upon metrics (usually based on cost, schedule or quality) Under FPIF contracts, a price ceiling is set, and all costs above the price ceiling are the responsibility of the seller. Contracts
- 7. Fixed price with economic price adjustments (FPEPA) A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions (e.g. if the performance period spans a considerable period of years, or if the payments are made in a different currency). Contracts
- 8. Cost-reimbursable contracts This type of contract involves payments (reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Best used if the scope of work is expected to change significantly during the execution of the contract. Contracts
- 9. Types of Cost-reimbursable contract include: Cost plus fixed fee (CPFF) The seller is reimbursed for all allowable costs for performing the contract work and receives a fixed-fee payment calculated as a percentage of the initial estimated project costs. Fee amounts do not change unless the project scope changes. Cost plus incentive fee (CPIF) The seller is reimbursed for all allowable costs for performing the contract work and receives a predetermined incentive fee based on achieving certain performance objectives as set forth in the contract. Contracts
- 10. Cost plus award fee (CPAF) - The seller is reimbursed for all legitimate costs, but the majority of the fee is earned based on the satisfaction of certain broad subjective performance criteria that are defined and incorporated into the contract. Contracts
- 11. Time and material contracts (T&M) A hybrid type of contractual arrangement with aspects of both cost-reimbursable and fixed-price contracts. They are often used for staff augmentation, acquisition of experts, and any outside support when a precise statement of work cannot be quickly prescribed. Contracts