Week 2 DQ 2 Project Control (Graded)

Question

Week 2 DQ 2 Project Control (Graded)

What are the differences among a fixed price contract, a time and materials contract, and a reimbursable contract in terms of how well-defined a contract needs to be relative to price, scope, and schedule prior to the commencement of any work? How much control over the project scope, price, and schedule should the contractor have under each contract type?