PJM 400 Module 5 Contract Types Comparative Discussion

Description

PJM400 MOD5 Discussion

Please respond to the below post in at least 250 words and 2 APA Cited references.

Required

Chapters 4 & 8 in Procurement, Principles & Management
Part 1, Chapter 12, Sections 12.1.1.6, 12.2.3.1, & 12.2.3.2 in A Guide to the Project Management Body of Knowledge

Recommended

Allen, M., Herring, K., Moody, J., & Williams, C. (2015). Project procurement: Impact of contract incentives and penalties. International Journal of Global Business, 8(2), 1-26.
Henre, C., Satterfield, R., & Garris, J. (2016). In-depth and preemptive front-end planning yields positive project results, 95(4), 61–66.
References

Baily, P., Farmer, D., Crocker, B., Jessop, D., & Jones, D. (2015). Procurement, principles & management (11th ed). United Kingdom: Pearson (Intl) Inc.

Larson, E. W., & Gray, C. F. (2017). Project management: The managerial process (7th ed.). New York, NY: McGraw-Hill.

Project Management Institute [PMI]. (2017). A guide to the project management body of knowledge (PMBOK® Guide) (6th ed.). Newton Square, PA: PMI Publications.

Module 5: Discussion Forum

Consider the three contract types of Fixed-Price, Cost-Reimbursement, and Time and Material contracts in procurement management.

What are the main characteristics of each of the above contracts?
Compare (similarities) and contrast (differences) the distinct procurement application of each contract type

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