Search results
Results from the WOW.Com Content Network
A statement of work (SOW) is a document routinely employed in the field of project management. It is the narrative description of a project's work requirement. [1]: 426 It defines project-specific activities, deliverables and timelines for a vendor providing services to the client. The SOW typically also includes detailed requirements and ...
Duration of a project's terminal element is the number of calendar periods it takes from the time the execution of element starts to the moment it is completed. Float in a project network is the amount of time that a task in a project network can be delayed without causing a delay to subsequent tasks and or the project completion date.
Level 5 Project – develop, change, and improve a group of functional systems/business functions with a targeted completion time of 5 to 10 years. Level 6 Project – develop, change, and improve a whole single value chain of a company with targeted completion time from 10 to 20 years.
Project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [7]
However, if there is a reason to speed project delivery, Fast-track can be used with any project delivery strategy, such as CM at Risk and Agency CM (see Construction management), design–build, bridging and integrated project delivery. Even the traditional design–bid–build process can use Fast-track concepts by bidding separate general ...
The owner is in more control of the project; however, the risks are transferred to the owner. [11] A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price.
Alternatives include project bank accounts (which are used for all payments from the client and contractor), retention bonds (see below), performance bonds, escrow stakeholder accounts (monies held by a third party), parent company guarantees (guarantee of completion by the main contractor's parent organisation) or trust funds to hold retention ...
Performance refers to the completion of the tasks or obligations anticipated in the contract. In some cases, such as a retail purchase transaction, the formation and performance of the contract occur at the same time, [ 101 ] but when a contract involves a promise to do something in the future, performance refers to the later fulfillment of ...