1. In general, what types of project contracts exist? What are differences among them? As a project manager, what would be your most favorite contract to manage? Why?
1- Total fixed cost is a single price where the scope is well defined.
2- A fixed price with incentive contract offers a reward for finishing early or under budget or a penalty for being late.
3- A fixed price with adjustment allows for increases in cost of materials or changes in currency values.
4-A fixed unit price contract sets a price per unit, but the exact number of units is not known.
5- cost reimbursable plus fixed fee contract assures the contractor of a known fee.
6- A cost reimbursable plus percentage fee calculates the fee as a percentage of the costs.
7-A cost reimbursable plus incentive fee sets goals for the contractor to achieve that would result in a bonus.
8-A cost reimbursable plus award fee is similar, but the goals are more subjective.
9-Time and materials contracts pay for costs plus an hourly rate for the contractor’s time.
2. How can you handle changes requested by your clients after the project deliverables have been officially accepted?
3. Assume you are assigned to an international project, what kind of potential issues or challenges do you need to be aware of when you start to plan the project?