Types of Contracts in Facilities and Project Management
Welcome back to Learning FM! I've been asked to list and differentiate the various types of contracts that you might use in facilities and project management. I'm going to break these down into three major types of contracts: Fixed Price, Cost-Reimbursable, and Time...
Contingency and Management Reserves
Understanding contingency and management reserves is important. In the last post, I discussed types of costs and the methods for estimating them. The next step is to compile all cost estimates and add contingency reserves to create the cost baseline. This baseline...
What is Contracting?
As a FM professional, you will almost certainly be involved in contracting procedures on a routine basis. But exactly what is contracting? The need for contracts comes from facility or project requirements that cannot be met with full-time staff. From individual...
Types of Costs and Cost Estimates in a Project Budget
The first step in creating a project budget is to generate cost estimates. We will discuss the different ways to do that, but first we need to have a common understanding of various costs that must be considered in any project. In order to begin project budgeting,...
What is a Project?
I started managing projects before I ever really understood what I was doing. That said, I knew what the outcome was supposed to be and I recognized there were a series of steps that must be followed in order to get there. Here, I'm going to answer a very specific...
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