Contracts, Change & Risk Response
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Terms in this set
- Risk Response Strategies Planned actions to address risks, such as avoid, transfer, mitigate, or accept for threats.
- Contingency Reserve Budget or time set aside for identified risks that may or may not occur (known unknowns).
- Fixed-Price Contract A contract with a set total price for a defined scope, placing cost risk on the seller.
- Cost-Reimbursable Contract A contract that pays the seller's actual costs plus a fee, placing more risk on the buyer.
- Time and Materials Contract A hybrid contract paying for labor at set rates plus materials, used for staff augmentation or unclear scope.
- Integrated Change Control The process of reviewing, approving, and managing changes to project deliverables and baselines.
- Change Control Board A group responsible for reviewing change requests and approving or rejecting them.
- Cost Baseline The approved, time-phased project budget used to measure and control cost performance.
- Quality Management Ensuring the project and its deliverables meet the agreed requirements and standards.
- Resource Management Planning, acquiring, and managing the team and physical resources the project needs.
- Communications Management Planning, distributing, and managing project information so stakeholders get what they need.