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...
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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...
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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...
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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...
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