Project Management Contract Analysis Report - ABC Event

This project management assignment analyzes a terminated contract between an event management agency and an international research council for an event at the University of Arizona. The analysis covers various contract types (lump sum, cost reimbursement, and unit price), emphasizing the preference for fixed-price contracts due to risk allocation. It details risk management strategies for individual, operational, technological, and socio-cultural risks. The assignment also explores service procurement, quality evaluation, and lessons learned, including cost estimation discrepancies. Communication strategies are examined, highlighting the use of a communication matrix and a temporary website. Finally, the report reviews project management tools like scheduling network diagrams and critical path analysis, evaluating their impact on project success.

Project Management
Student Name:
Coursework:
University:

a. The contract is used in the project which is made between the ABC event management
agency and international council of management research. The contract is organized the
event for the University of Arizona for three days. It is the terminated contract. The ABC
event management company will arrange the event and responsible for the successful
event within the particular period of time.
1. It is the terminated contract in which the objectives of the project are inbuilt which
includes SMART objectives from targeting the population till the implementation of
the project plan. The contact includes successful completion of the project by
fulfilling the objectives of the project.
2. The contract does not include modification or changes in the project according to the
circumstances and contract is negotiated by paying the amount through one staff
member to save multiple handling for the successful completion of the project.
3. The project includes various types of contracts such as lump sum amount of contract
which is a fixed price of the contract in which various contracts included such as
fixed price incentive fee, fixed price award fee, fixed price economic adjustment and
others. The cost reimbursement contract is used in project management in which
various contracts included such as cost plus fee, cost plus fixed fee, cost plus
incentive fee and cost plus award fee. The unit price contract in which price is given
according to the time period. The fixed price contracts are highly preferable because
the amount is paid in lump sum and high risk is bounded by the seller. The cost
reimbursement contract is preferable in which the cost of the project is high, and it
will be reimbursed at the termination of the project. The time contract is least

preferable because the project can be delayed for any reason a=due to which the cost
of the project become too high.
b. The various type of risk is considered in the project such as individual risk, operational
risk, technology risk, and socio-cultural risk. The strategies are formulated to mitigate the
risk. The insurance and safety policies are taken for mitigating the individual risk,
operational risk is mitigated through substantial savings, a socio-cultural risk is mitigated
through proper delegation of roles and responsibilities and technology risk is mitigated
through innovative techniques.
1. The risk management can be improved through taking developing right culture, focus
on the objectives of project, reward system, establish the limitations of the assessment
of risk, recruit risk analyst, develop integrated management information and others.
2. The limitation of risk management must be explained and integrated management
information report which is shared within the team which helps to achieve the
objectives of the project.
c. The services are procured by developing a resource planning sheet in which all the tasks,
resources required and skills are mentioned. The quality of the services is evaluated on
the basis of desired outcomes against the activities. The lesson learned for the future
project is that if desired outcomes cannot be achieved than backup plan must be prepared
for completing the project on time.
d. The resource estimate is different from the results of the project. The cost estimation is
120,500, and project result costs $175,500 because the estimated cost is less than the
actual cost such as review the papers estimate $36,000, but it takes $56,000 and others
activities which are estimated less than the actual.

e. The communication channel of the project is done through communication matrix which
helps to coordinate with other team members and helps to deliver the project on time. The
matrix includes proper delegation of roles and responsibilities, a concerned person for the
respective work which helps in successful project management. The information is
communicated to the participants through a temporary website. The original strategy
works effectively in achieving the objectives of the project through effective
communication matrix.
Review of project management tools and methods
a. The project management software helps to illustrate the schedule of the project
and reflects the independencies of each activity in the project. It helps to track the
progress of a project and solving the complexity of the project. It also helps to
review the standard performance of the project which enables to track the
noncompliances and items of actions in order to complete the project. It also helps
to meet the requirements of the events and adhere to the general guidelines of the
quality. It also helps to manage the financial value with risk exposure through
using Gantt chart but it is very complex and not easy to handle which require
huge time and dedication to prepare the chart.
b. The evaluation of the tools used in the project is explained below:
1. Scheduling network diagram:

The diagram helps to identify the impact of schedule on the dependencies of
the task. It is prepared through work breakdown structure for making the
network of schedules which helps to determine that the desired time of
completion of a project will be met or not.
2. Critical path analysis:
The critical path helps in preparing the sequence of project activities which
helps to identify the shortest time for completing the project. It is very
important analysis because it helps to complete the project on time with the
sequence of activities.