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CONTRACT PRICING OPTIONS (GRADED)
Assume that you have made the final payment on a one-acre residential lot that you purchased years ago to build your retirement home. You are now ready to build your dream home. This will be your ongoing project for the next couple of years. Which contract structure (fixed price, unit price, reimbursable) do you think that you would use to proceed with your project? Explain your choice.
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PROJECT CONTROL (GRADED)
What are the differences among a fixed-price contract, a time-and-materials contract, and a reimbursable contract in terms of how well defined a contract needs to be relative to price, scope, and schedule prior to the commencement of any work?