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GAQM Associate In Project Management - Reviews


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Based on 160 reviews

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GAQM Associate In Project Management - Test Reviews Sample Questions

Cost-reimbursable contracts involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit. Cost-reimbursable contracts may also include financial incentive clauses whenever the seller exceeds, or falls below, defined objectives that include all of the following except: 

Correct Answer:
endorsements
in cost-reimbursable contracts, the seller is compensated for all legitimate expenses incurred during the execution of a project, along with an additional fee that serves as the seller's profit. such contracts are particularly useful in projects where the scope is not clearly defined, and the costs are difficult to estimate upfront.

to ensure that the seller remains motivated to manage costs effectively and work efficiently, these contracts often include financial incentive clauses. these incentives are tied to the seller meeting or exceeding specific project objectives. these objectives typically relate to key performance indicators like costs, schedule adherence, and technical performance targets.

for instance, if the contract includes a cost objective, the seller may earn an additional incentive for completing the work under the budgeted cost. similarly, meeting or exceeding schedule targets or achieving technical performance specifications could also result in incentives. these targets are predetermined and agreed upon by both parties at the contract's inception, forming a critical component of the contract's terms and conditions.

however, financial incentives in cost-reimbursable contracts do not typically include "endorsements." endorsements in the context of contracts generally refer to amendments or additional clauses added to an existing contract, often altering its terms or coverage. these are not the same as performance objectives linked to financial incentives. unlike cost, schedule, or technical performance, endorsements do not serve as a basis for the financial incentive clauses designed to encourage superior performance or efficiency from the seller. these clauses are specifically meant to drive direct project outcomes and are quantifiable and measurable, unlike endorsements which are more about contract modifications and adjustments.

therefore, in the context of which elements are not typically included as criteria for financial incentives in cost-reimbursable contracts, "endorsements" is the correct answer. this term does not align with the operational and performance-based objectives (such as costs, schedule, and technical targets) that are commonly used to define incentive clauses in such contracts.