Contracts, Change & Risk Response Match
MediumRace the clock — pair each term with its definition as fast as you can, then try to beat your best time. A quick, replayable warm-up for this set.
Shuffling the deck…
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.