[Verse 1]
When you need supplies beyond your team's domain
Map out procurement with a master plan
Fixed price contracts put the burden on their game
Cost reimbursable means you hold the financial span
Time and materials splits the risk between
Document everything before you begin
[Chorus]
FFP, FPIF, FP-EPA - seller takes the weight
CPFF, CPIF, CPAF, CPPC - buyer seals their fate
T and M hybrid sharing burdens clean
RFI, RFP, RFQ, IFB - gather what you need
Make or buy decision plants the procurement seed
[Verse 2]
Statement of work defines exactly what you want
Source selection criteria guides your choice
Bid documents summon vendors to the hunt
Information, proposals, quotes give suppliers voice
Invitation for bid when price is paramount
Evaluation techniques help separate the count
[Chorus]
FFP, FPIF, FP-EPA - seller takes the weight
CPFF, CPIF, CPAF, CPPC - buyer seals their fate
T and M hybrid sharing burdens clean
RFI, RFP, RFQ, IFB - gather what you need
Make or buy decision plants the procurement seed
[Bridge]
Contract administration keeps the deal alive
Claims management resolves the disputes that arise
Procurement audits verify the terms survive
Closure documentation completes the enterprise
[Verse 3]
Fixed price incentive fee rewards performance gains
Cost plus award fee motivates the best
Firm fixed price locks in what always remains
Cost plus percentage adds fees to every request
Time materials hourly with a ceiling cap
Navigate the contract maze without a gap
[Outro]
From planning through closure every step aligned
Procurement mastery keeps projects refined
Risk allocation clear in every signed line
Make or buy analysis helps you define