Business

Overview

You will practice developing key components of successful procurement planning and management as you complete four activity assignments in this course. The first activity is a summary of the three basic types of contracts: fixed price, cost reimbursable, and time and materials.

Procurement officers and the U.S. government must follow rules for contracting and procurement. These rules are called Federal Acquisition Regulations (FARs). Understanding the differences among contract types and selecting the appropriate type for the circumstance is an important procurement planning skill.

Prompt

Review the FAR website and the other module resources about contracts.

Write a summary that addresses the following critical elements:

• Describe the differences among the three basic types of contracts in the FARs and the module resources.
• In your own words, list four or more key factors to consider when selecting the type of contract.

What to Submit

The contract selection document should be a 1- to 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins.

Please use this as a reference:

Reading:

This resource is the U.S. Governments Federal Acquisition Regulations System webpage, which you can use to find information about a specific type of contract.

https://www.acquisition.gov/far/part-16