Assignment
Objectives
Explain the bid and proposal process to include preparing RFP requirements, preparing a proposal, responding to and evaluating bids, and contract formation.
Explain the use of contracting and procurement in project management, with a focus on understanding specialized contracting terms, defining proposal strategies, and evaluating proposal strengths and weaknesses
400 words
Sometimes, the best solution in accomplishing work or acquiring a component required for a project is to procure to outside sources. Some of the pros for opting for an outside source might include the ability to deliver a better product because the source may have expertise or it may take the outside source less time than it would take if completed in-house. Some of the cons, however, are that there may be non-delivery, or specifications may not be met. Selecting the best provider or seller and having a contract with complete terms and conditions are a few of the best ways to accomplish a successful procurement experience. You will be evaluating different types of contracts for a potential project deliverable that you intend to procure as part of an overall project you will be selecting in the Individual Project for this week.
Research at least 2 sources (which may include your textbook) to support your response.
•Compare and contrast all of the types of contract listed in the PMBOK Guide.
•In your opinion, which is the best type of contract? Why?
•What criteria would you use to determine whether it is better to contract out the work or develop it internally as part of the project?