Task 2: Executing, Monitoring, and
Controlling the Project
Course: Financial Management for IT Professionals — C783
Date: 08/14/2024
, Executing Process
A. Explain the characteristics of the following contract types:
• Fixed price- This type of contract is used primarily “when the type of
requirements are well defined and not likely to change” (Project, 2017).
This contract is a more rigid approach where all costs are known
upfront. There is certainty regarding any future expenses in turn
offering more stability for the length of the project or contract. This
type of contract however does lack flexibility.
• Time and materials- This type of contract includes hourly labor rates
and associated material costs. The customer pays these fees to
complete the project. This contract is a more flexible approach but
there are risks that the costs can be much more than anticipated or
planned. This type of contract requires constant communication
between the vendor and customer.
• Cost plus- This type of contract is used “when the work is evolving,
likely to change, or not well defined” (Project, 2017). This type of
contract is geared toward projects that are more fast paced. If there
are tight timelines utilizing this contract will allow for faster turn
around time. This issue with this type of pricing is that it can lead to
underpricing when demand is low and overpricing when the demand is
high. Even though this may be the case, there is transparency in the
cost breakdown and more flexibility for changes throughout the life of
the project.
B. Propose five vendor selection criteria for the data migration project.
There are five areas that the vendor of choice must possesses or
provide to be selected for the data migration project.
1. Data Security- the vendor of choice must meet government
security regulations and be able to perform ongoing security
assessments and internal auditing requirements.
2. Disaster Risks- the vendor of choice must provide detail on
disaster recovery plans that include geolocation of primary
and secondary data center locations, all backdoor
connections, provide ample time when there will be
maintenance done to avoid any risk.
3. Scalability- Merrilton requires a robust and scalable solution
that meets current and future objectives to prevent potential
service disruptions and regulatory fines. The vendor of choice
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