Award Cycle Definition and Explanation PDF | Download eBooks
Learn Award Cycle definition in project management with explanation to study “What is Award Cycle”. Study award cycle explanation with project management terms to review project management course for online MBA programs.
Award Cycle Definition:
Objective of the award cycle is to negotiate a contract type and price that will result in reasonable contractor risk and provide the contractor with the greatest incentive for efficient and economic performance.
Project Management: A Systems Approach to Planning, Scheduling, and Controlling by Harold Kerzner?
Award Cycle Explanation:
After the requirements are identified, the needed products or services are acquired by selecting the appropriate acquisition method. The final stage of the procurement process is award cycle. As the name indicates, award cycle deals with the selecting the appropriate type of contract in the situation. The award cycle ends with signing the contract between the organization and the vendor. There are different types of contracts and negotiations must be made to select the contract that is according to the situation. Contracts include mutual agreement, consideration, capability, legal purpose, and legal obligations. The different types of contract can include completion contract, term contract etc.
Keep Learning Project Management Explanations
What is Product Analysis?
Products or services associated to the project must be identified and designed. A way to define the products on the ...
What is Statement of Work?
A statement of work refers to the project scope. It gives the tasks and activities that are to be performed ...
What is Managing Project Knowledge?
After the project is planned, the main focus of the project team is to execute the project as planned. There ...
What is Project Planning?
Planning is defined as setting a path that must be followed in order to achieve a goal. Project planning is ...
What is Risk Review?
Risk montioring is an important part of risk management. Even though, a project team becomes successful in identifying potential risks, ...
What is Optimistic Time?
When a project is planned, the activities associated with the project are defined and their time durations are estimated. Every ...