Award Cycle Notes: Definitions & Explanations PDF | Download eBooks
Study Award Cycle lecture notes PDF with project management definitions and 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.
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Award Cycle Notes:
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.
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