By Ray Myers, Jr., PMP Do you plan for travel time and travel expenses when bidding, proposing, or planning projects?  If not, you should and here is why. Let’s say that you are bidding a 4 week project that will that will be accomplished entirely at your customer site in another state.  Your on-site...
Read More »

By Ray Myers, Jr., PMP  While there are a number of contract types, Firm Fixed Price (FFP) and Cost Reimbursement contracts are the most common.  Procurement specialists and contracting officers typically prefer FFP contract vehicles because this type of contract provides the most cost protection for the buyer. The contractor or seller under fixed...
Read More »

By: Ray Myers, Jr., PMP There are many ways to price a contract, the most common being Firm Fixed Price and T&M.  Selecting the right contract type for your project shouldn’t be a big deal; each one has its own advantages and disadvantages.  The Project Manager should have a firm understanding and working knowledge...
Read More »

By Ray Myers, Jr., PMP T&M, short for Time and Materials, is a common pricing methodology that is used when the project scope is not clearly defined or when the scope frequently changes.   T&M contracts are ideal for small projects or tasks because the client pays for only the actual hours worked and...
Read More »

By Ray Myers, Jr., PMP According to the businessdictionary.com, margin is defined to be: the difference between the cost price and the selling price of a product.  In other words, margin is the profit earned on a business transaction. Margin is usually measured as a percentage of the selling price.  Thus the project manager...
Read More »

By: Ray Myers, Jr., PMP  Is there a difference?  You bet, and understanding the difference between these confusing terms may impact the profit you make on your project.  Let’s define the terms and do a quick calculation to see the difference between the two pricing concepts. Markup Markup is the difference between the cost...
Read More »