You will practice developing key components of successful procurement planning and management as you complete four activity assignments in this course. The first activity is a summary of the three basic types of contracts: fixed price, cost reimbursable, and time and materials.
Procurement officers and the U.S. government must follow rules for contracting and procurement. These rules are called Federal Acquisition Regulations (FARs). Understanding the differences among contract types and selecting the appropriate type for the circumstance is an important procurement planning skill.
Prompt
Review the FAR website and the other module resources about contracts.
Write a summary that addresses the following critical elements:
Describe the differences among the three basic types of contracts in the FARs and the module resources.
In your own words, list four or more key factors to consider when selecting the type of contract.
What to Submit
The contract selection document should be a 1- to 2-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins.
Module One Activity Rubric
CriteriaMeets Expectations (100%)Partially Meets Expectations (75%)Does Not Meet Expectations (0%)ValueContract TypesAccurately describes and differentiates the three basic types of contracts in the Federal Acquisition Regulations (FARs)Describes the three basic types of contracts in the Federal Acquisition Regulations (FARs); however, the contract types are not clearly differentiatedDoes not describe the three basic types of contracts in the Federal Acquisition Regulations (FARs)40Selection FactorsProvides a list of four key factors to consider when selecting the type of contract for a procurementProvides a list of factors to consider when selecting the type of contract for a procurement; however, the information is incomplete or inaccurateDoes not provide a list of key factors to consider when selecting the type of contract for a procurement40Clear CommunicationConsistently and effectively communicates in an organized way to a specific audienceShows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understandingShows no evidence of consistent, effective, or organized communication20Total:100%