The _____ Contract Is Generally Used in Plant and Equipment

question 91

Multiple Choice

The _____ contract is generally used in plant and equipment maintenance agreements, where the supplier cannot determine accurate costs prior to the repair service.

• A)fixed-price with redetermination
• B)firm fixed price
• C)cost-sharing
• D)time and materials
• E)cost plus fixed-fee

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Definitions:

Z-Test

A statistical method for assessing if there is a significant difference between the means of two populations when variances are known and the sample sizes are large.

Chi-Squared Test

A statistical method employed to assess if the observed frequencies significantly differ from the expected frequencies across one or more categories.

Nominal Data

A type of categorical data for which the categories do not have a natural order or ranking.

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis; it depends on the chosen significance level.