Introduction to project management/IPM103/Procurement/Contracts quiz

Quiz

Test out what you have learnt in this fun quiz.

• Which of the following contract types is most appropriate for a project whose scope is very clear and unlikely to change?
  • Fixed-Price Contract
    • Correct: The contractor provides goods or services at an agreed-on price (regardless of effort applied or delivery date).
  • Cost-Reimbursable Contract
    • Incorrect: Try again
  • Time and Materials Contract
    • Incorrect: Try again
• Which of the following contract types is most appropriate for a project that features high uncertainty and is likely to require numerous adjustments as more information is available?
  • Fixed-Price Contract
    • Incorrect: Try again
  • Cost-Reimbursable Contract
    • Incorrect: Try again
  • Time and Materials Contract
    • Correct: The contractor charges an hourly rate for labour, plus the cost of materials, plus a percentage of the total costs.
• Which of the following contract types is most appropriate for a project whose scope and costs for performing the work are not well known?
  • Fixed-Price Contract
    • Incorrect: Try again
  • Cost-Reimbursable Contract
    • Correct: The contractor is paid for the cost of performing the service or providing the goods.
  • Time and Materials Contract
    • Incorrect: Try again