ORDER_209754.docx - Running head PRODUCT-TYPE PROJECT...

This preview shows page 1 - 4 out of 6 pages.

Running head: PRODUCT-TYPE PROJECT 1 Product-Type Project Student’s Name: Institutional Affiliation:
Image of page 1

Subscribe to view the full document.

PRODUCT-TYPE PROJECT 2 Product-Type Project Introduction Project management is the use of various skills, knowledge, techniques, and tools in project activities to realize certain objectives. Specifically, a project is a temporary endeavor carried out to produce a unique service, product, or result. Therefore, it is different from the business operations, which are always permanent or repetitive activities aimed at creating a service or product. However, time constraints often make project management a difficult task. By focusing on a project to introduce a new product in the international market, this paper explains the different concepts and terms that are important in project management program. Body All projects will require the acquisition of some resources from suppliers; thus, an understanding of the various procurement documents and contracts is essential. Procurement documents are important in the initial stages of project instigation. They include all the materials used in the procurement process. These materials include an invitation for bid (IFB), request for proposal (RFP), tender notice, request for quote (RFQ), an invitation for negotiation, and request for information (RFI) among others. The proposed contract is often included in the procurement documents. Some of the major contracts for the stakeholders and suppliers include the fixed price, cost reimbursement, and the time and material contracts. The fixed price contracts have predetermined charges and well-known specifications. Clients always pay the same amount regardless of the effort and time used in the project. Similarly, the cost reimbursement contracts allow suppliers to charge the customer for the work and some rate or fees. An increase in the efforts causes an increase in the client’s costs. The time and material contracts require customers to pay the suppliers a rate for the time spent working on the project. The fixed price contracts
Image of page 2
PRODUCT-TYPE PROJECT 3 pose the highest risk to the seller while the cost reimbursement contracts pose the greatest risk to the buyer.
Image of page 3

Subscribe to view the full document.

Image of page 4
  • Spring '16
  • dennis

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern