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Code of ethics, trade-off, potential risks

1. Summarize the importance of adhering to a professional code of ethics.
2. What is meant by a trade-off? Who are the major players in performing trade-offs?
3. What are the methods, tools, and capabilities that will allow the project manager to "sense" potential risks before they are fully developed?
4. What kinds of changes can be made to contracts and procurement documents and how should they be managed?
5. What ethical considerations are involved in contracting and procurement?
6. When changes are made to schedule, scope, or resource allocation, how should they be reflected in the contract? What happens when contract adjustments are not appropriately made? What type of contract is used most often in your environment and why?

Please provide all the applicable references.

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1. Summarize the importance of adhering to a professional code of ethics.

It is extremely important to adhere to professional code of ethics to ensure that other parties restore their trust and faith with you and your organization. Non- adherence to professional code of ethics will not only result in erosion of goodwill, but will also prevent the individual organization to obtain future business from customers. It is unethical as well as illegal in certain professions to break the professional code of ethics as other individuals/organizations expect you to behave as per certain code of ethics.

2. What is meant by a trade-off? Who are the major players in performing trade-offs?

A trade- off can be defined as exchange of one thing in return for another thing or in other words, relinquishment of a benefit in exchange for another benefit. Trade-offs can be often performed by business owners or management in day to day decision making of the business. Often, such trade off happen while dealing with customers and vendors during transactions.

3. What are the methods, tools, and ...

Solution Summary

1. Summarize the importance of adhering to a professional code of ethics.
2. What is meant by a trade-off? Who are the major players in performing trade-offs?
3. What are the methods, tools, and capabilities that will allow the project manager to "sense" potential risks before they are fully developed?
4. What kinds of changes can be made to contracts and procurement documents and how should they be managed?
5. What ethical considerations are involved in contracting and procurement?
6. When changes are made to schedule, scope, or resource allocation, how should they be reflected in the contract? What happens when contract adjustments are not appropriately made? What type of contract is used most often in your environment and why?

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