Show your understanding of the contract trade-off skills that a project manager must possess. (Minimum 200 words) In Part I, Section 12.1.1.6, of the PMBOK Guide, review the following contract types:F

Show your understanding of the contract trade-off skills that a project manager must possess. (Minimum 200 words)

1. In Part I, Section 12.1.1.6, of the PMBOK Guide, review the following contract types:
   • Fixed-price contracts (three sub-types)
   • Cost-reimbursable contracts (three sub-types)
   • Time and materials contracts
2. Then, describe each contract type and explain whether it is the seller or buyer who prefers that contract type. Provide an example of when each contract type is generally considered the optimal choice. Add different examples than those provided in your PMBOK Guide, in the lecture material, and by your classmates.
3. Support your positions with at least one current (no older than five years) scholarly source, beyond the course materials and textbooks. The CSU-Global Library is a good place to find sources. Make sure to cite your sources following the CSU-Global Guide to Writing & APA (Links to an external site.).