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There are some factors that make for a successful execution of a lump sum contract on a project such as experience and confidence, management skills, communication skills, having a clear work plan, proper list of deliverables, contingency, and dividing the responsibility among the project team. [5]
Project management office: The Project management office in a business or professional enterprise is the department or group that defines and maintains the standards of process, generally related to project management, within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects.
As risks occur on a project, and money is needed to pay for them, the contingency can be transferred to the appropriate accounts that need it. The transfer and its reason is recorded. In risk management , risks are continually reassessed during the course of a project, as are the needs for cost contingency.
A contingency plan, or alternate plan, also known colloquially as Plan B, is a plan devised for an outcome other than in the usual (expected) plan. [1] It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences.
A Guide to the Project Management Body of Knowledge — Sixth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle. [9] and for the first time it includes an "Agile Practice ...
Schedules in project management consists of a list of a project's terminal elements with intended start and finish dates. Work Breakdown Structure (WBS) is a tool that defines a project and groups the project's discrete work elements in a way that helps organize and define the total work scope of the project. A Work breakdown structure element ...
Deliverable is a term used in project management to describe a tangible or intangible object produced as a result of the project that is intended to be delivered to a customer (either internal or external). Direct costs are directly attributable to the cost object. In construction, the costs of materials, labor, equipment, etc., and all ...
Contingency or Contingent may refer to: Contingency (philosophy), in philosophy and logic; Contingency plan, in planning; Contingency (electrical grid), in electrical grid engineering; Contingency table, in statistics; Contingency theory, in organizational theory; Contingency (evolutionary biology) Contingency management, in medicine ...