Fixed Price Contract Notes: Definitions & Explanations PDF | Download eBooks
Study Fixed Price Contract lecture notes PDF with project management definitions and explanation to study “What is Fixed- Price Contract?”. Study fixed price contract explanation with project management terms to review project management course for online MBA programs.
Fixed Price Contract Definitions:
An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it is called fixed-price contract.
A Guide to the Project Management Body of Knowledge by Project Management Institute
In fixed-price contract, the contractor is required to perform the work at the negotiated contract value.
Project Management: A Systems Approach to Planning, Scheduling, and Controlling by Harold Kerzner?
Keep Learning with Project Management Notes
What is Manufacturing Break?
As the name indicates, manufacturing break is the time between two manufacturing orders. When a manufacturing order is completed, the ...
What is Scope Control?
A group of processes that fulfills the need of tracking the actual performance of the project and comparing it with ...
What is Bid Document?
The process of identifying potential sellers and selecting the suitable one involves writing and circulating bid documents. The terms bid, ...
What is Documentation Management?
Due to the increase in technology, project management has also been switched to the use of computer softwares. Project management ...
What is Managing Project Knowledge?
After the project is planned, the main focus of the project team is to execute the project as planned. There ...
What is Emotional Intelligence?
When people of different backgrounds, expertise, skills are combined, they must be managed properly so that the project's objective is ...