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The PMBOK is a widely accepted standard in project management, however there are alternatives to the PMBOK standard, and PMBOK does have its critics. One thrust of critique has come from the critical chain developers and followers (e.g. Eliyahu M. Goldratt and Lawrence P. Leach ), [ 10 ] as opposed to critical path method adherents.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
According to the PMBOK (7th edition) by the Project Management Institute (PMI), CPIF is a "type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable cost (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria".
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
The Resource Breakdown Structure includes, at a minimum, the personnel resources needed for successful completion of a project, and preferably contains all resources on which project funds will be spent, including personnel, tools, machinery, materials, equipment and fees and licenses.
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Management contract companies have information on business finance also. This puts the business in a vulnerable position. Hiring an outside contractor makes it difficult for the business to foresee the number of conflicts that can occur. For example, a business owner hires a contract management company for the operations of the company.
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