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Project Manager of the buyer organization shares with the Senior Management that a part of the project needs to be developed from the third party. Senior Management told the project manager to go for fixed price contract. An advantage of the fixed price contract for the buyer is?
a. Cost risk is lower
b. Cost risk is higher
c. Cost risk is not taken into consideration
d. Risk is shared by both the partiesCorrect answer is A.
If you look from buyer’s perspective, cost risk is lower in fixed price contract. In fixed price contract, seller has the most cost risk.
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