This video will provide the understating of different type of Contracts used in Procurement management. You may find situational questions in PMP exam related to type of contracts used.

You will get the following insight in this video.

1) Type of Contracts – Detail Description of each type of contract. Fixed Price (FP), Cost Reimbursable (CR) and Time & Material (T&M).
2) Advantages and Disadvantages of each type of Contract.
3) Incentive fee calculation through examples
4) Point of total assumption calculation through example
5) Risk to buyer and seller in each type of contracts

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Disclaimer – PMI & PMBOK are register trademarks of Project Management Institute. This video is for education purpose only.