Why might a contractor prefer having liquidated damages in a contract (rather than no provision for liquidated damages)? Contractors prefer to pay at the beginning of a project rather than at the end. Liquids generally don’t cause much damage. Liquidated damages reduce the likelihood of litigation in the event of late completion Liquidated damages are accompanied by bonuses for early completion. Contractors usually can avoid paying them by documenting problems during the project.

Determine whether software for project management may assist in the effective management of project expenditures.

With Explanation

At times, in order to monitor the project planning, a project manager can resort to the development of a project planning by starting at the end of the project and back to the beginning. Which allows the project manager and try to identify and measure the length of the tasks that will potentially require up to the period of time the project is scheduled to take. Although this might seem to be a rational solution to preparing a project plan, the use of this tactic may significantly decrease the likelihood that the project meets its deadline. If you think that this strategy is right to build a project schedule? Talk about the rationale behind your reply. Discuss that this plan will significantly reduce the likelihood that the project would reach its deadline

You have just been assigned as the project manager for an ongoing project in your company. You have discovered there is no Work Breakdown Structure (WBS) which is a project management tool showing a hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives. When you talked to your project sponsor about the issue, he told you that nobody in the company even knows what a Work Breakdown Structure is or what purpose it serves. He also told you that the company has executed numerous projects in the past without ever using a Work breakdown structure. However, he asked you to prepare one just in case it is really a necessary project tool. A) Using a hypothetical project in the mentioned company, prepare a Work Breakdown Structure for presentation to your sponsor.. B) Discuss the characteristics of an effective WBS and the importance of applying it to the project management cycle.

Discuss the role of service-level agreements (SLAs) in IT resource acquisition contracts. How do SLAs ensure the quality of acquired resources and services?

Project crashing is when you shorten the duration of a project by reducing the time of one or more tasks. Crashing is done by increasing the resources to the project, which helps make tasks take less time than what they were planned for. Of course, this also adds to the cost of the overall project. Therefore, the primary objective of project crashing is to shorten the project while also keeping costs at a minimum. What are the different options for crashing an activity when resources are not constrained ?

What happens when you fail to manage a project's cost? How can principles of the cost management process help ensure the project does not face these consequences? *

Suppose you are the investor (sponsor) in a project, mention 5 key points you would like to be mandatory part of the contract writing?

The management and oversight of scope modifications within the project has an impact on the deliverables that are generated as a result. Provide suggestions on how to decrease the frequency of requests for changes to a project's scope as well as a discussion of the change control procedure.