Write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
Based on your chosen organization, compare and contrast the various contract types such as firm-fixed-price (FFP), cost-plus-fixed-fee (CPFF), cost-no-fee (CNF), and cost-plus-incentive-fee (CPIF) contracts. You may also find other contract types applicable to your commercial or governmental organization. Include the following information in your discussion:
- What type of contract is most relevant for the chosen organization?
- Why is this contract type most relevant?
- What is the significance of cost management from a strategic perspective?