CONTRACTS AND PROCUREMENT

1:A project manager must make a narrative description of the project. This narrative description covers the items that will be supplied under the contract with the client. It is called:
  1. The project plan.

  2. The statement of work.

  3. The exception report.

  4. The progress report.

2:A project manager discovers that there is a part of the project that contains some risk. His or her strategy with this risk is to subcontract the work to an outside supplier by using a firm fixed price contract. Which of the following is true?
  1. The supplier will include an allowance for the risk in the contracted price.

  2. The supplier will lose money on the contract.

  3. The project manager will have to compensate the supplier if the risk occurs.

  4. The project manager ...

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