By Ray Myers, Jr., PMP Frequently, project managers must procure products and/or services to fulfill the requirements of their projects.  Project managers usually enter into contracts with sellers to purchase the products and/or services. These purchase contracts are legal relationships that define the terms of the transaction and should always define how payment will...
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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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