Question: a) When preparing a proposal, contractors need to be careful not to overprice or underprice the proposed project. Elaborate five (5) considerations when determining the

a) When preparing a proposal, contractors need to

a) When preparing a proposal, contractors need to be careful not to overprice or underprice the proposed project. Elaborate five (5) considerations when determining the price to win a contract. (10 marks) b) Before a project can proceed, a contract must be signed by both the customer and the contractor. Explain the two (2) types of contracts. (5 marks) a) Statement of work (SOW) defines the major tasks that will need to be performed to accomplish the work that needs to be done and produce all the project deliverables. Describe four (4) major tasks that might be included in a community festival project. (10 marks) b) Work breakdown structure (WBS) establishes the framework for project execution plans and the project deliverable. Elaborate four (4) guidelines in deciding the details and levels to be included in the WBS. (10 marks)

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