Describe the types of things that occur during the requireme

Describe the types of things that occur during the requirement cycle of the contract life cycle regarding the Conduct Procurements process.

Solution

The contract life cycle consists of 4 stages : -

Requirement cycle :-- In the requirement cycle , the project and contract needs are established in this cycle , and the requirements of the project are defined. The statement of work ( SOW) is used to define the work of the project , the objectives , and a high level overview of the deliverables. A work breakdown structure ( WBS) is developed , a make or buy analysis takes place and the cost estimates are determined. The statement of work is provided by the buyer when the project is performed under contract to describe the requirements of the project . The product description can serve as the statement of work .