What is the typical circumstance for project closure?
69. The most common circumstance for project closure is simply a completed project such as building a new facility or creating a customized information system.
When a project starts with a high priority but it is canceled because its rank erodes or crashes during its project life cycle is an example of what type of project closure?
Chapter 14 – Project Closure 58. When a project starts as a high priority but its rank erodes or crashes during its project lifecycle resulting in closure of the project, this is an example of changed priority project closure.
What are some of the major activities during project wrap up?
What are 6 of the major wrap up activities?…
- Identify and define standards (scope and other planning docs)
- Collect and analyze data (status reports, cost files, resource files, schedule files, performance metrics), surveys, interviews, walk-throughs.
- report and review results.
When a project starts with a high priority but it is canceled?
Executive summary. When a project starts with a high priority but it is canceled because its rank erodes or crashes during its project life cycle.
Why do project managers need to understand their Organisation’s mission and strategy?
– Project managers need to understand their organisation’s strategy is so they can be effective project advocates, aligned with the firm’s mission. – For example, even during difficult times such as the changing of ownership.
Why do firms outsource projects quizlet?
Companies can secure competitive prices for contracted services, especially if the work can be outsourced offshore. Furthermore, outsourcing can provide access to equipment that can accelerate completion of project tasks.
Why do project managers accept negotiation as a non competitive process?
Why do project managers accept negotiation as a noncompetitive process? Everyone loses if the project does not succeed people on the project are allies and partners, and everyone will need to continue to work together after the project ends.
What are the best practices used by firms to outsource work and why?
Outsourcing Project Work – 7 Best Practices
- Outsourcing Overview.
- Well-Defined Requirements and Procedures.
- Extensive Training and Team-Building Activities.
- Well-Established Conflict Management Processes in Place.
- Frequent Review and Status Updates.
- Co-Location When Needed.
- Fair and Incentive-Laden Contracts.
- Conclusion.
What is the fundamental difference between a fixed price and a cost plus contract?
What is the fundamental difference between a fixed-price and a cost-plus contract? On fixed-price contracts the cost is set in advance while for cost-plus contracts it is established after the project is completed.
Who writes a change order?
If the contract doesn’t specify the change order to use, a contractor may choose to write one. You may create it in a spreadsheet or word processor, or even write one by hand. What’s most important is that it contains the key pieces of information that helps a property owner or architect approve the change.
What is the difference between cost plus and time and material?
Cost Plus Contract – covers all relevant costs plus a specified gain. Time and Material Contract – covers all materials at-cost and the cost of direct labor billed at hourly rates.
What is cost plus contract?
A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract’s full price.
What are the advantages of a cost plus contract?
Cost Plus Contract Advantages
- Higher quality since the contractor has incentive to use the best labor and materials.
- Less chance of having the project overbid.
- Often less expensive than a fixed-price contract since contractors don’t need to charge a higher price to cover the risk of a higher materials cost than expected.
How much does a contract cost?
A simple contract typically takes about 3-4 hours, or $300-$1,200 or more — which includes an initial draft plus revisions. The more complicated the product or situation, the more time it will take and the more it will cost.
What are the six major parts of contract documents?
6 Essential Elements of a Contract
- Offer.
- Acceptance.
- Awareness.
- Consideration.
- Capacity.
- Legality.
What are the major elements of a contract?
For a contract to be legally binding it must contain four essential elements:
- an offer.
- an acceptance.
- an intention to create a legal relationship.
- a consideration (usually money).
What are the six types of consideration?
Types of Consideration
- Money.
- Services.
- Personal property.
- Real property.
- Promise to act.
- Promise to refrain from acting.
What are the 3 forms of consideration?
A Consideration may be:
- Executory Consideration or Future Consideration,
- Executed Consideration or Present Consideration, or.
- Past Consideration.
What are the legal rules for valid consideration?
Legal Rules Regarding Consideration
- Example 1 – Doing something.
- Example 2 – Not doing something.
- (i) Consideration must move at the desire of the promisor.
- (ii) Consideration may move from the promisee to any other person.
- (iii) It can be in the past, present or future.
- (iv) It must have value in the eyes of the law.