For Fixed Price Contracts, Rita's Book does not consider FFP as a contracts type and they add another type which is FPAF and for Cost Plus Contracts, it adds CPPC.
Basically you can use any type of contract depending on the project and requirements and of course PMBOK is the top reference.
I would like to have your expert comments on the above. Saving Changes...
If you classify them there are three categories: Fixed, Cost Plus, and Time & Material. Now each category can be explained in more than one sub-classifications. PMBOK Guide gives some generic guidance, Rita has gone in a little more detail or even changed some nomenclatures. Otherwise the main three categories remain static.
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1 reply by Rami Kaibni
Jan 23, 2016 3:17 AM
Rami Kaibni
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Thanks Suhail ... Yes the 3 categories are the same in both but the types are different. To be honest with you, if I have had no prior solid experience in contracts, I would not have understood the contract types just by reading PMBOK. On the other hand, Rita's book explains them in a fairly detailed manner.
In reality, from my experience, you can have mixed contracts which contains two categories at a time. Do you agree with this ?
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Jan 23, 2016 2:26 AM
Replying to Suhail Iqbal
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If you classify them there are three categories: Fixed, Cost Plus, and Time & Material. Now each category can be explained in more than one sub-classifications. PMBOK Guide gives some generic guidance, Rita has gone in a little more detail or even changed some nomenclatures. Otherwise the main three categories remain static.
Thanks Suhail ... Yes the 3 categories are the same in both but the types are different. To be honest with you, if I have had no prior solid experience in contracts, I would not have understood the contract types just by reading PMBOK. On the other hand, Rita's book explains them in a fairly detailed manner.
In reality, from my experience, you can have mixed contracts which contains two categories at a time. Do you agree with this ? Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Jan 23, 2016 2:01 AM
Replying to PANKAJ KUMAR JOSHI
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Contract types are basically as per requirement eg. fixed price/Cost/incentive/award/penalty/time/man/material or combinations of them.
Both books are correct, I think PMBOK is providing only general guideline to project manager for procurement management.
Yes Pankaj, both books are correct of course. Please refer to my reply to Suhail which expresses my concern a little bit more.
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1 reply by PANKAJ KUMAR JOSHI
Jan 23, 2016 4:39 AM
PANKAJ KUMAR JOSHI
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Yes, Rami I agree with you and you can have combination of categories to suit your project. One can check in his organisation database which kind of contracts format they are using for procurement.
Saving Changes...
PANKAJ KUMAR JOSHIGeneral Manager| Transrail Lighting LimitedNainital, Uttrakhand, India
Jan 23, 2016 3:26 AM
Replying to Rami Kaibni
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Yes Pankaj, both books are correct of course. Please refer to my reply to Suhail which expresses my concern a little bit more.
Yes, Rami I agree with you and you can have combination of categories to suit your project. One can check in his organisation database which kind of contracts format they are using for procurement. Saving Changes...
Hi Mr. Rami
As suggested by Pankaj and Suhail, the situation may be suitable for combination of categories where you can conveniently group into convenient packages. And then based on the organisation experience, one can go for minimum risk option in terms of quality, time and cost.
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1 reply by Rami Kaibni
Jan 24, 2016 3:23 AM
Rami Kaibni
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Hi Rama, thanks for your input. Yes, of course this is doable.
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Jan 24, 2016 3:08 AM
Replying to RAMA GOPAL N
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Hi Mr. Rami
As suggested by Pankaj and Suhail, the situation may be suitable for combination of categories where you can conveniently group into convenient packages. And then based on the organisation experience, one can go for minimum risk option in terms of quality, time and cost.
Hi Rama, thanks for your input. Yes, of course this is doable. Saving Changes...
Markus KopkoAI Enabler for Project & Program Mgmt | Founder PMotion.ai / The PM
AI Coach| PMotion.aiHamburg, Hamburg, Germany
i hated this KA ... ;)
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1 reply by Rami Kaibni
Jan 25, 2016 4:15 AM
Rami Kaibni
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Hi Markus, What do you mean - I did not get you hated what ? Knowledge Area ?
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Jan 25, 2016 3:51 AM
Replying to Markus Kopko
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i hated this KA ... ;)
Hi Markus, What do you mean - I did not get you hated what ? Knowledge Area ?
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1 reply by Markus Kopko
Jan 25, 2016 5:06 AM
Markus Kopko
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exactly Rami, i hated "procurment mgmt" ... i hated it ... but i loved risk mgmt, for instance ... ;)
Saving Changes...
Markus KopkoAI Enabler for Project & Program Mgmt | Founder PMotion.ai / The PM
AI Coach| PMotion.aiHamburg, Hamburg, Germany
Jan 25, 2016 4:15 AM
Replying to Rami Kaibni
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Hi Markus, What do you mean - I did not get you hated what ? Knowledge Area ?
exactly Rami, i hated "procurment mgmt" ... i hated it ... but i loved risk mgmt, for instance ... ;)
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1 reply by Rami Kaibni
Jan 25, 2016 5:14 AM
Rami Kaibni
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It can be hectic because there are lots and lots of details but if you have large projects procurement experience, you will find it piece of cake but still lots and lots of work to do in real life in procurement especially if there are lots of BUY decisions and there are multiple S/C.
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