PMP Exam CONTRACT Types SIMPLIFIED - FP, CR, T&M (PMBOK Guide)

[@StephanieDeMeritt]

Best explanation of the contract types I've seen anywhere. Thank you!

[@Praizion]

Wow, thanks Stephanie! Cheers!

[@vignesh04071982]

Thank you Phil for explaining these topics in a very simple way before going in depth..

[@Praizion]

Thank you!

[@adhanetmebrahtu132]

Very clear explanation,thanks always

[@emekaodikanekwu8769]

lovely presentation

[@zephaniahstephens5312]

Doing mock testing this was helpful

[@ianpatrick23]

Thank you so much for the contract explanations!

[@ngoanhuynh4042]

Very good and funny videos bring a great sense of entertainment!

[@Prophetesselishaburgess]

Thank you for Simplifying These👏🏽👏🏽

[@Praizion]

Thanks. Glad you found it useful.

[@mohannadal-ghabban2424]

You saved my life!

[@MohammadAli-on7un]

Good introduction

[@onlinesaidasa9105]

Namaste
Types of Fixed Fee (Lump Sum) contracts
1. Fixed Price Incentive Fee (FPIF):
This includes performance based variable incentives
2. Fixed Price Award Fee (FPAF):
In this an additional fixed award fee is provided if seller exceeds expectation
3. Fixed Price Economic Price Adjustments (FPEPA):
In this , any change in economic conditions would lead to price adjustment
Thanks

[@Praizion]

Thank you!

[@r.jenkins5982]

Thank you! Makes so much sense now!

[@Praizion]

YW! Best wishes on your test.

[@maryruemuchayamuchaya1059]

well explained ... thank you

[@hassanamin1385]

wow.. amazing..

[@hadeelkakish6983]

Very useful 👍🏼

[@Praizion]

Glad you think so! Thanks!

[@surbhimantri1]

Thanks!!

[@anthonyoseh3440]

Is there anything like contract variation?

[@Praizion]

Yes there is in the general sense although we may not use this exact term. It comes under Control Procurements. Any change in a contract must be made through formal, written and legally binding variation. Some examples of variations to the contract are: Changing the settlement date to allow for early settlement OR Changing the settlement date to allow for later settlement.

[@laithmomani9779]

Super !

[@mohannadal-ghabban2424]

Great stuff!

[@Praizion]

Thank you Mohannad.

[@olivealex8492]

Hi guys, would anyone know what are BID REQUEST TOOLS, and how they are used for different types of vendor?
I need this for my college project and I've been looking all over for this info, going crazy...

[@Praizion]

Probably this is a RFB or something similar. Best wishes.

[@visualsbymel2476]

What about FPAF? Fixed price award fee?

[@Praizion]

That is not recognized in the 6th edition.

[@babycentral1663]

Thank you awesome video !

[@Praizion]

Thank you!

[@yolandantalavane9165]

It does makes sense now...much appreciated

[@kennethnyongesa4423]

Best introductory lecture on Types of Contracts

[@sylvanusbrowne3771]

Hi please can you help me with procurement material

[@Praizion]

Hey buddy! Check these out: th-cam.com/users/results?search_query=praizion+procurement

[@MichaelAlexander1967]

Very well explained! Thank you so much for posting. Your explanations and examples are very straight forward and logical.

[@Praizion]

Thank you!

[@daniellemessa4821]

❤❤❤❤❤❤❤❤

[@Praizion]

Thanks for the love brother!

[@davidt.3860]

Thank you for the video! I'm still relatively new in my project management degree program, so it is nice to watch these video in order to simplify the concepts of the PMBOK.

[@Praizion]

Glad it was helpful! Best wishes.

[@themaskedbabygirl]

Iam currently going through the same degree program. Please get in touch so we may share knowledge

[@ihabyousif8776]

Always I love watching your lectures , you're brilliant at teaching .Big love from Iraq 🇮🇶 Bro

[@matthewbellamy9251]

Great work. Very clear and precisely dictated

[@dustinreinbott8970]

Very good and funny videos bring a great sense of entertainment!

Thank you! I L-O-V-E this video! So informative and straight to the point. Bravo.

[@Praizion]

Thank you :-) Best wishes!

[@digitalbobby42]

Thanks Phil from San Diego!

[@Praizion]

Thanks Robert

[@sisterstaketoo1981]

Very helpful thank you!

[@katrinaaliviza457]

This video just saved my life. Thank you sir

[@Praizion]

You're welcome!

[@Peterstevoli]

great video many thanks

[@Praizion]

You are welcome!

[@hafeezmohammed846]

Simplified, just as it says. thank you

[@Praizion]

You're welcome!

[@seetharamdandamudi2127]

Awesome explanation

[@kalikuwakadakwiza4274]

Good video

[@Praizion]

Thanks for the visit

[@GISSELLEhd]

This is a great video, clear, sweet and to the point.

[@Praizion]

Glad it was helpful! Thanks!

[@abdelkrimaguenini4501]

Excellent video !!!

[@Praizion]

Thank you! @Abdelkrim