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What is the legal definition of a contract? What is the IRS definition? - An agreement between 2 parties that is legally binding & enforceable under applicable law. Strategic planning must consider external factors. These factors change rapidly and are outside the contractor control. - 1. Political 2. Regulatory 3. Market Outlook 4. Social 5. Technology 6. Economic Strategic planning must consider internal factors. These factors the contractor can control. - 1. Culture, related to f...

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What is the legal definition of a contract? What is the IRS definition? - An agreement between 2 parties that is legally binding & enforceable under applicable law. Strategic planning must consider external factors. These factors change rapidly and are outside the contractor control. - 1. Political 2. Regulatory 3. Market Outlook 4. Social 5. Technology 6. Economic Strategic planning must consider internal factors. These factors the contractor can control. - 1. Culture, related to f...

CCIFP EXAM WITH QUESTIONS AND WELL DETAILED AND VERIFIED ANSWERS | GRADED A+ | LATEST EXAM VERSION | GUARANTEED PASS What are the 4 requirements to using the percentage of completion method? - ANSWER-1) Reliable estimates 2) Clearly specified conditions in a contract 3) Reasonable expectations for performance 4) Risk should not exceed those normally encountered What are guaranteed cost rating plans? What techniques can be used to reduce costs to enhance ca...

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CCIFP Exam studied questions and verified answers Major cause of contractor failure is - ANS️--The failure to plan and set specific objectives Strategic Planning - ANS️--A logical and systematic process by which a contractor determines the strategic direction for the contractor's future Strategic Planning - ANS️--Requires knowledge of the risks inherent in the construction industry and of available new business opportunities Strategic Planning Process encourages - ANS️--1...