BMGT 485 – Final Exam Q&A Bundle – Graded A+ by Lecturers 100- Accuracy

BMGT 485 – Final Exam Q&A Bundle – Graded
A+ by Lecturers 100% Accuracy
contract - ✔✔an agreement between two or more parties enforceable by law



contract types - ✔✔1. fixed price (risk on seller)

2. performance/cost reimbursable (middle ground)

3. time and material (risk on buyer)



contract items - ✔✔1. price

2. schedule

3. statement of work



contract process - ✔✔1. planning

2. response

3. source selection

4. administration

5. closeout



negotiation - ✔✔project managers must negotiate on all aspects of the project.

- negotiation of support/funing

- negotiation of staff and technical input

- negotiation of project priorities

- negotiation of lender prices



principled negotiation - ✔✔1. separate the people from the problem

2. focus on interests, not positions

3. invent options for mutual gain

, 4. insist on using objective criteria



response phase of contacts - ✔✔- statement of work presented

- request for proposal

- capture team

- develop customer solution



source selection phase of contracts - ✔✔- team reviews

- evaluation criteria

- evaluation standards

- negotiation



administration phase of contracts - ✔✔4 policies

- contract compliance

- risk management

- performance monitoring

- change management



closeout phase of contracts - ✔✔1. notice of completion

2. final payment

3. release of claims



types of contract termination - ✔✔- mutual agreement

- for convenience

- for cause or default



planning phase of contracts - ✔✔- buyer "make or buy"

- seller "bid or no bid"