PMP Exam Prep Question of the Week

Which type of procurement document is most appropriate for a cost-reimbursable contract?

  1. RFP (request for proposal)
  2. IFB (invitation for bid)
  3. RFB (request for bid)
  4. RFQ(request for quote)

The correct answer is 1.

An IFB and RFB are the same thing, and they are most appropriate with a fixed-price contract. A RFQ is most appropriate with a time and materials contract.

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