Question: A project manager is negotiating with a contractor. Neither has a good idea of how long the project will take, or how much the materials

A project manager is negotiating with a contractor. Neither has a good idea of how long the project will take, or how much the materials will cost. Which contract type is MOST appropriate for this project?

A. Cost plus fixed fee (CPFF)

B. Time and Materials (T&M)

C. Cost plus award fee (CPAF)

D. Firm fixed price (FFP)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Construction Project Management Questions!

Q:

Hello, This is the Fina 210 Course about Real estate. Could you help me to solve this problem and show me a solution? because i want to know how to solve this type of question in exam. Thank you! ps:...

Q:

Abstract Dowling Flexible Metals is an integrative business case that does not contain marketing information or financial data. It does allow an excellent opportunity for students to understand the...

Q:

The Business Model Canvas gives people a structured way to design a business. The goal is to create a business model that is both unique, and can compete in the market. It is an ideal way to check...

Q:

Project Management The Managerial Process McGraw Hill CASE STUDY GROUP ASSIGNMENT OPTION 1- DUE WEEK 6 SESSION 1 FRANKLIN EQUIPMENT LTD (FEL) HRM 4016 This is a team project that is a combined...

Q:

VCI/Ellison, which represents the consolidation of the heavy transportation equipment units of two previously separate and regional companies, is facing worldwide pricing pressures from customers and...

Q:

VCI/Ellison, which represents the consolidation of the heavy transportation equipment units of two previously separate and regional companies, is facing worldwide pricing pressures from customers and...

Q:

VCI/Ellison, which represents the consolidation of the heavy transportation equipment units of two previously separate and regional companies, is facing worldwide pricing pressures from customers and...

Q:

VCI/Ellison, which represents the consolidation of the heavy transportation equipment units of two previously separate and regional companies, is facing worldwide pricing pressures from customers and...

Q:

Question 1: 1.1 Generally speaking, a project manager needs to be concerned with achieving the desired scope and quality subject to constraints of time and cost. A project manager needs to understand...

Q:

The Scheduling Dilemma Sarah's project had now become more than she had anticipated. Sarah's company had a philosophy that the project manager would be assigned during proposal preparation, assist in...

Q:

Below are the processing costs of Darnell Products observed over the last 10 months: Month Units Produced Processing Cost 1 7,500 $44,000 2 11,000 60,000 3 14,500 58,550 4 5,500 20,000 5 9,000 47,000...

Q:

A mixture of 2 kmol of N2, 1 kmol of O2 and 0.1 kmol of Ar is heated to 2500 K at a constant pressure of 10 atm. Assuming the equilibrium mixture consists of N2, O2, Ar and NO, determine the...

Q:

The results for March for Savery Parts follow: \ table [ [ , Actual ( based on actual sales of 1 4 , 7 0 0 units ) , Master Budget ( based on budgeted sales of 1 7 , 5 0 0 units ) ] , [ Sales...

Q:

a. Financial statements should aid the user of the statements in making decisions. In your opinion, would the user of the statements be aided if there were a distinction between financial reporting...