#utilizing time

Hello everyone!! I hope you are doing fine. I don’t know what is the situation in your country but be safe. I am trying to give as much as possible I have learnt or realized in this time period. I hope it helps you too in your life.

    So, I will start right away and not beat around the bush. I will not be writing a big post as I am occupied today with some work. But the habit of writing should not break.

    Today I am going to tell you how practicing writing is helping me in another way. Yes, I am enhancing two skills at one time. Can you guess it? It’s not very usual skill most people work upon. So, can you name it? It’s the “TOUCH TYPING”.

   Yes, I am practising touch typing- typing without looking keys on the keyboard. But I am not perfect at it. I have been practising it for a month and I have become quite good at it( or what I thought so). Today I realized I have practiced some keys with wrong fingers( the worst thing). But I am trying to make these new changes now. It is difficult to realize that all the time you were learning something wrong but kudos a wrong way is found where many people can make mistakes. So I can tell those mistakes to new  learners of this skills, not to make it again as I have.

Don’t overthink and remain sad about any setback. Just step up and start again.

Statistics show that 60 to 80% of business deals are set in stone by a contract. At the core of successful project management lies choosing an appropriate contract type. Time and materials contracts stand out among available alternatives as one of the more flexible and adaptable.

T&M contracts provide clients with another approach by billing for both time spent and materials used on each project, rather than specifying one fixed sum upfront. Time and materials contracts offer many advantages when managing projects where their scope isn't fully defined from the outset or there is significant unpredictability.

Here, we explore their key benefits in project management, specifically regarding flexibility, risk mitigation, cost control, client transparency, and adaptability. Let's begin!

Project Flexibility

One of the primary advantages of drafting a time and materials contract is its inherent flexibility when it comes to project scope. Unfortunately, project teams cannot always foresee everything that may arise during its scope. Requirements may shift, new challenges emerge or unexpected circumstances call for adjustments that must be made without having to negotiate new terms. T&M contracts allow project teams to quickly accommodate these changes without needing to go back through negotiations or sign new ones altogether.

Flexibility in project requirements ensures teams can continue working without being hindered by rigid scope definitions, especially important in industries like software development or construction where changes may be frequent and can become expensive to manage with fixed-price contracts. A T&M contract enables projects to adapt organically as new information or client feedback emerges.

Risk Mitigation Strategies for Both Parties

T&M contracts in project management provide another significant benefit: mitigating risk for both parties involved. Fixed-price contracts often place too much financial risk on contractors due to having to accurately predict costs and timelines before the project begins. Any unexpected challenges could force contractors into cutting corners to meet budgetary restrictions or face financial ruin as a result.

T&M contracts allow more equitable risk distribution between contractor and client. Because billing for T&M contracts occurs according to actual time and material used, there's less pressure for contractors to stick rigidly to initial estimates, meaning more time for quality delivery without worrying about unanticipated expenses or delays. From the client's viewpoint, only paying for what work was performed reduces overspending risks by paying only for work that actually gets done.

Improve Cost Control

Although fixed-price contracts might appear to offer greater cost control by setting one price for an entire project, these contracts can actually lead to greater spending if estimates prove inaccurate. Contractors frequently build contingency into fixed-price contracts to protect themselves against unexpected challenges that increase overall expenses; T&M contracts provide clients greater budgetary oversight.

T&M contracts give clients greater insight into the work being performed and allow for adjustments to project scope or pace to help control costs more easily. If costs begin rising faster than planned, clients have options such as scaling back their project or prioritizing certain tasks, which is something usually unattainable under fixed-price contracts that lock clients into one price regardless of the efficiency of project development.

Increased Transparency and Accountability

Transparency is another advantage of using a time and materials contract. Clients receive invoices that show exactly where their money is being spent, including hours worked by each member as well as materials bought specifically for it.

Transparency fosters improved collaboration between clients and contractors. When clients can see the progress of projects in real time and access financial reports, they're more likely to trust contractors and feel assured they are receiving value for their money. This also makes approving or disapproving additional work much simpler since clients understand all associated costs more accurately.

Ability to Take on Complex Projects

Many projects in industries like IT, construction, and product development involve multiple phases or components which make them challenging to predict or plan for, making T&M contracts ideal. Their adaptability enables the project team to pivot flexibly without feeling limited by an overly rigid contract structure.

For example, in a software development project, clients often opt to alter features or functionality after seeing an early version of the product. With fixed-price contracts, this would involve lengthy negotiations and potentially additional costs; but under T&M agreements, project teams can easily adapt to such changes quickly while continuing onward with billing the client for any extra resources necessary for completion.

Adaptability is crucial in meeting client expectations throughout a project's course and helping teams respond more quickly and effectively when unexpected events such as supply chain disruptions or technical challenges occur, without endangering its success.

Conclusion

Time and materials contracts provide numerous advantages to both contractors and clients involved, particularly on projects with uncertain scope, timelines, or requirements. T&M contracts offer clients flexibility as the project unfolds, as well as enhanced risk management and cost control measures. Plus, clients benefit from increased transparency and accountability that allows them to track exactly where their money is being spent in real-time.

Hi folks!! What’s up? What are you up to now a days? Something really exciting or not so good. Try to search for good in bad too. Life always gives you experience in all situations. Take it and grow from it. This should be your motto.

     I told you all to start the daily step challenge to become fit. Are you doing it or just sitting in your bed doing nothing?Start it guys. Right now. Make it your daily routine. This will definitely help you. Of course you will feel a little tired and but it is relaxing too. Try to involve more people as much as possible so that you can do the challenge without giving up( even if you want to at some point of time).

      The thing I am going to tell you now is very common and I think everybody have faced it. It is forgetting things on the right moment even if you have learned it yesterday. It happens with me too.

       Today this thing again happened with me. And it was and easy logic which I have used numerous times. Still I forgot it and asked stupid question about it. It is not right. This makes you look down in front of others.

       The key to overcome this is RECALLING. Try to recall what you have learnt today in spaced repetitions. First recall the topic everyday, then after few days change everyday into days with one day gap and then change gaps between recalling to weeks, months and years. This way things can be remembered and can not be forgotten.( if right thing is recalled). If you forget something at the time of recall, reread the topic and then start recalling. This will make your mind sharp and your memory power will improve.

      I do this everyday for the things I am learning or have learnt these days. The logic which I forgot was learnt weeks ahead when I was not so much familiar to make recalling a daily habit. And thus lead to embarrassment.

RECALL EVERYTHING AND LOOK FORWARD!!