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SETTING AND MAXIMIZING PRICE ON YOUR CONSULTING SERVICES

SETTING AND MAXIMIZING PRICE ON YOUR CONSULTING SERVICES. PANELISTS:. DAN KAMDAR ILENE BUTKA LARRY NAGEL JIM BOYD. MY BACKGROUND

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SETTING AND MAXIMIZING PRICE ON YOUR CONSULTING SERVICES

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  1. SETTING AND MAXIMIZING PRICE ON YOUR CONSULTING SERVICES PANELISTS: DAN KAMDAR ILENE BUTKA LARRY NAGEL JIM BOYD

  2. MY BACKGROUND Dan Kamdar is a president of Affordable Engineering Services. The company is a multi-discipline firm that specializes in Test Engineering, Reliability, Logistics and Quality for Aerospace and Defense applications. Dan has MSEE and MBA degrees and worked as a Senior Engineering Manager at Boeing for 25 Years.

  3. Engineering experience Minimum Maximum Median 1 to 10 years $20/hr $175/hr $90/hr 11 to 20 years $40/hr $320/hr $100/hr 21 to 30 years $25/hr $2000/hr $110/hr 31 to 40 years $31/hr $1000/hr $120/hr Over 40 years $45/hr $468/hr $105/hr ANALYSIS OF FEE FOR ALL CONSULTANTS The table shows the equivalent hourly fees charged byall consultants.

  4. Engineering experience Minimum Maximum Median 1 to 10 years $3,700 $1,500,000 $89,000 11 to 20 years $1,500 $1,050,000 $100,000 21 to 30 years $1,000 $1,200,000 $100,000 31 to 40 years $7,348 $1,000,000 $100,000 Over 40 years $2,009 $415,500 $75,000 The following table shows the annual earnings of these consultants.

  5. WHAT PRICE SHOULD YOU CHARGE? DATA SOURCES: • ALLIANCE OF IEEE CONSULTANTS NETWORK – JANUARY 2003 • SURVEY • (2) PROFESSIONAL AND TECHNICAL CONSULTANTS ASSOCIATION (PATCA) – 1999 SURVEY

  6. SUMMARY: • TYPICAL CONSULTANT HAS A BS (27%), MS (51%) OR A PHD (20%) • DEGREE. • (2) HOURLY RATE RANGE FROM $35 TO $250 AN HOUR. AVERAGE RATE IS $98 AN HOUR. CONTRACT ENGINEERS (JOB SHOP) EARN BETWEEN $50 AND $60. • (3) 80% BILL AS TIME & MATERIAL; 20 % AS A FIRM FIXED PRICE CONTRACT. • (4) 71% WORK FULL TIME AS A CONSULTANT. BALANCE WORK PART TIME AS A CONSULTANT. • (5) 89% OF THE CONSULTANTS HAVE OFFICE IN THE HOME. • (6) 42% CARRY GENERAL LIABILITY INSURANCE. 8% CARRY PROFESSIONAL LIABILITY.

  7. AGE OF CONSULTANT

  8. HOW LONG AS A CONSULTANT

  9. HOURLY RATE

  10. CONSULTING INCOME

  11. SOURCES OF CONSULTING WORK

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