New PMP Question & Answers with explanation
A buyer and seller set the rates for junior engineers, senior engineers, architects, and other predefined roles. In what type of contract would this be applicable?
Select one
A number of deliverables were submitted to the buyer as part of a project. Where would the project manager find documentation on the requirements for formal deliverable acceptance and on how nonconforming deliverables can be addressed?
Select one
A buyer and seller are looking at getting into a long-term relationship spanning 10 years. Both parties would like to be protected from the unstable financial conditions of their country, which are beyond their control. What type of contract is appropriate for such a relationship?
Select one
A seller entered into a contract with a buyer. At the end of the project, the seller was reimbursed for the cost of the project but received a low fee based on certain subjective criteria that were specified in the contract. What type of contract is this likely to be?
Select one
A seller began a project that was contracted on a time-and-materials (T&M) basis. Based on the agreed-upon rates and effort, the initial contract amount was $100,000 over a one-year period. However, when the project was completed, the total contract value turned out to be $350,000 over a two-year period. What mechanism could the buyer have used to prevent this unlimited cost growth and schedule change?
Select one