Question 1: Fixed-price, cost-reimbursable, and time and material contracts are all potential agreements which could be reached between organizations. Explain each type of contract, and discuss the range of risk for each of these types of contracts.
Question 2: You're reviewing procurement techniques and you notice that there are three types of procurement statements of work. What are the three types of procurement statements of work? When is each appropriate for a given contract?
Question 3: Explain whether procurement documents should be rigorous, flexible, or a combination of the two, and justify your answer.