Sometimes, the best solution for accomplishing work or acquiring a component required for a project is to procure to outside sources. Some of the pros of opting for an outside source might include the ability to deliver a better product because the source may have expertise, or it may take the outside source less time than it would take if completed in-house. Some of the cons, however, are that there may be nondelivery, or specifications may not be met. Selecting the best provider or seller and having a contract with complete terms and conditions are a few of the best ways to accomplish a successful procurement experience.
In this week’s Discussion Board (DB), you will evaluate different types of contracts for a potential project deliverable that you intend to procure as part of an overall project that you will select in the Individual Project (IP) this week.
Primary Task Response: Within the Discussion Board area, write 350–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Research at least 2 sources (which may include your textbook) to support your response.
- Compare and contrast all of the types of contracts listed in A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Sixth Edition.
- In your opinion, which is the best type of contract? Why?
- Which criteria would you use to determine whether it is better to contract out the work or develop it internally as part of the project?
- PMBOK is a registered mark of the Project Management Institute, Inc.
Include an introduction and a conclusion in addition to your 3 paragraphs. Be sure to include references, and format your submission in APA format.