Project Procurement Mgmt.

Question 1

This document helps define the work to be accomplished within the project.

Answer 1

SOW (statement of work) or TOR (terms of reference)

Question 2

This contract type category that means I’ll build the deck onto your restaurant for ‘X’ amount of dollars and it’s not going to change.

Answer 2

Fixed Price

Question 3

This contract type category is usually more dangerous to you - the buyer, because the contractor is paid for all of its allowed expenses, plus additional payment to allow for a profit.

Answer 3

Cost-Plus