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NEW QUESTION: 1
DRAG DROP
Answer:
Explanation:
NEW QUESTION: 2
A. 0
B. 1
C. 2
D. 3
Answer: D
NEW QUESTION: 3
Which of the following is a document that covers the work that will be done, how the work will be compensated, and any penalties for noncompliance?
A. Control chart
B. Project description
C. Cost baseline
D. Contract
Answer: D
Explanation:
Explanation/Reference:
Explanation:
Answer option A is correct.
A contract is a legal document that covers the work that will be done, how the work will be compensated, and any penalties for noncompliance.
Contract
Contract is an exchange of promises between two or more parties to do an act which is enforceable in the court of law. It is an agreement that creates and defines obligations between two or more parties. It is a legal agreement that mutually binds the seller (to provide the specified product, service, or result) and the buyer (to pay for it).
Answer option B is incorrect. Cost baseline is the expected cost of the project from the planning phase. It is used as a comparison to actual project expenses.
Answer option C is incorrect. Control chart is a graph of the variance of several samples of the same process over time based on a mean, an upper control limit, and a lower control limit.
Answer option D is incorrect. Project description documents the key characteristics of the product or service that will be created by the project and the work required to deliver the product.
Chapter: Procurement and Project Integration
Objective: Contract Types and Contract Negotiations