Assume that you have made the final payment on a one-acre residential lot you purchased years ago to build your retirement home. You are now ready to build your dream home. This will be your ongoing project for the next couple of years. Which contract structure (fixed price, unit price, reimbursable) do you think you would use to proceed with your project? Explain your choice.
Week 2 DQ 2 Project Control (Graded)
What are the differences among a fixed price contract, a time and materials contract, and a reimbursable contract in terms of how well-defined a contract needs to be relative to price, scope, and schedule prior to the commencement of any work? How much control over the project scope, price, and schedule should the contractor have under each contract type?