Based on, Kerzner, Harold. (2013) Project Management: A Systems Approach to Planning, Scheduling, and Controlling, 11th Ed.
Question:
Question #1 Describe the circumstances under which you would use each of the different contract types, and what risks you might anticipate based on the contract type and situation.
Question #2 Assume you awarded a fixed-price contract and the supplier came to you halfway through the project and requested additional funding. How would you respond to this situation?
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Discussion 1 Procurement contracts can be fixedprice costreimbursable or time and material contract Fixedprice contracts involve setting a fixed maximum price for the product or service to be provided ...View the full answer
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