PJM 400 Module 5 Contract Types Comparative Discussion
Can you help me understand this Management question?
PJM400 MOD5 Discussion
Please respond to the below post in at least 250 words and 2 APA Cited references.
- Chapters 4 & 8 in Procurement, Principles & Management
- Part 1, Chapter 12, Sections 22.214.171.124, 126.96.36.199, & 188.8.131.52 in A Guide to the Project Management Body of Knowledge
- Allen, M., Herring, K., Moody, J., & Williams, C. (2015). Project procurement: Impact of contract incentives and penalties. International Journal of Global Business, 8(2), 1-26.
- Henre, C., Satterfield, R., & Garris, J. (2016). In-depth and preemptive front-end planning yields positive project results, 95(4), 61–66.
Baily, P., Farmer, D., Crocker, B., Jessop, D., & Jones, D. (2015). Procurement, principles & management (11th ed). United Kingdom: Pearson (Intl) Inc.
Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process (7th ed.). New York, NY: McGraw-Hill.
Project Management Institute [PMI]. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Newton Square, PA: PMI Publications.
Consider the three contract types of Fixed-Price, Cost-Reimbursement, and Time and Material contracts in procurement management.
- What are the main characteristics of each of the above contracts?
- Compare (similarities) and contrast (differences) the distinct procurement application of each contract type