Essay on Project Contract Selection : An Open System Design Project

Essay on Project Contract Selection : An Open System Design Project

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Hyperloop Project Contract Selection
All the subcontracts for this project will involve fixed price contracts while the contract between the project and the sponsor will involve a Time and Material Contracts (T&M). This is because the subcontracts are time dependable and any deviation in specified schedule may cost the project more money being the cost of money. The cost of money may be defined in the contract as the losses suffered by the project due to any breach of contract agreements. The cost of money will be calculated and agreed upon to be deducted in the case of a bridge of contract which affects schedule or budget.
The ‘Time and Material’ contract is best for the contract between the sponsor and the project in this project because of the risk and uncertainty associated with the project. As the proof of concept of the Hyperloop train system is an open system design project with no physically confirmed working system prototype, the project might be faced with various obstacles that might result in the team going back to the drawing board. "The full value of the agreement and the exact quantity of items to be delivered may not be defined by the buyer at the time of the contract award. Thus, T&M contracts can increase in contract value "(Project Management Institute., 2008, p. 324). The risk associated with these kinds of project are enormous and only the buyer is at most times ready to take such financial risks. The T&M contract protects the seller being the project from financial burdens and gives the project manager freedom to concentrate on the team and project objective.



Effects of Ignoring Unethical Behaviors Within Projects.
Looking the other way when confronted with unethical behavior is wrong in most instances. ...


... middle of paper ...


...ement. Retrieved November 30, 2016, from http://www.gpmfirst.com/books/gower-handbook-people-project-management/ethics-project-management
Project Management Institute. (2008). A guide to the project management body of knowledge (pmbok guide) (4th ed., pp. 04, 324, 240, 223). Newtown Square, PA: Author.
Project Management Institute. (n.d.). Code of Ethics and Professional Conduct. Retrieved November 30, 2016, from http://pmi-dhc.ca/images/downloads/Website_Downloads/ap_pmicodeofethics.ashx.pdf
Rode, J., Le Menestrel, M., Van Wassenhove, L., & Simon, A. (2015). Ethical Analysis for Evaluating Sustainable Business Decisions: The Case of Environmental Impact Evaluation in the Inambari Hydropower Project. Sustainability, 7(8), 10343-10364. Retrieved from http://onesearch.library.neu.edu/NU:TN_doaj_xmloai:doaj.org/article:fc9a55a801724aa0a2d234b922afc0ca&tabs=viewOnlineTab

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