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"
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"
