Understanding the Time and Materials and Unit Price Contracts

Description

This Skill Bit explores the flexibility these contract types provide for projects with uncertain scopes. Time and Materials (T&M) and unit price contracts allow for adaptive management in dynamic environments. Effective management requires a well-defined scope, transparent cost reporting, and precise time tracking or measurement. Additionally, implementing effective change order processes is crucial to accommodate project changes and maintain budgetary control. Mastering these elements ensures successful project execution and minimizes potential disputes.

Duration approx. 5 Min.

Tier: proficiency