Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. general management
  3. many types of contracts are available to a project

Many types of contracts are available to a project management. How will you know which is...

80.2K

Verified Solution

Question

General Management

Many types of contracts are available to a project management.How will you know which is the right contract to execute for eachtype of procurement? Referencing the article below, discuss eachtype of contract and cite an example of an appropriate use of eachcontract.

Reference:

Usmani, Fahad (2013). Types of Procurement Contracts used inProject Management. PM Study Circle. Retrieved fromhttps://pmstudycircle.com/2013/12/types-of-procurement-contracts-used-in-project-management/

Answer & Explanation Solved by verified expert
3.5 Ratings (557 Votes)
There are three types of Contract as highlighted by article mentioned in the question 1 Fixed price contract It is a contract where price is fixed while entering into the agreement and will be enforce on the same terms and conditions mentioned in the agreement including price and duration    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A researcher collected data from a small random sample of ten students by asking them individually...

Basic Math
Q

Question 1. Use the disease transmission model as a basis for responding to the three following...

Biology
Q

Which one of these salts will form a basic solution on dissolving in water? A. NaCl B. KCN C....

Chemistry
Q

Determine the pH of an HF solution of each of the following concentrations. (Ka for Hf...

Chemistry
Q

How does recombination impact genetic variation in future generations including crossing over and meiosis?

Biology
Q

What justifies the markedly different accounting and financial reporting practices of governments as compared with business organizations? What...

Accounting
Q

Maple syrup urine disease (MSUD) is a rare metabolic disease worldwide, however it is quite...

Biology
Q

Match the area of the brain with its function 100 thalamus cerebral cortex cerebellum medulla...

Biology
Q

repare journal entries to record the following merchandising transactions of thang Company, which applies the...

Accounting
Q

Delta Company produces a single product. The cost of producing and selling a single unit...

Accounting
Q

Mr.juma paid the rent three months in advance for his shop. Write a short note...

Accounting
Q

10 marks Question 4 Explain what is meant by the term...

Accounting