If you are working on a project with constantly changing scope, which contract type would work best when hiring an outside vendor to complete a portion of the work?
a. Cost reimbursable
b. Lump sum
c.Time and material
d. Fixed price
I picked option A as my answer but the correct answer is C. In my understanding when the scope cannot be defined precisely then you choose cost reimbursable contract and T&M is used where there is no precise SOW at the beginning of the work. Am I missing anything here?
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