International Project Management Association (IPMA) Practice Exam

The statement that a fixed-price contract should include procedures to accommodate changes is accurate because even though fixed-price contracts establish a set price for the project, changes can still occur due to unforeseen circumstances, scope alterations, or adjustments based on stakeholder requirements. Having a clear change control procedure outlined in the contract allows both parties to manage any modifications effectively, ensuring that the project's scope, schedule, and budget are adjusted appropriately without losing control over the project.

This is vital to minimize disputes and maintain clear communication regarding any adjustments. It ensures that a structured process is in place for evaluating change requests and determining their impact on the project's overall objectives. Without these procedures, both the contractor and the client may face difficulties in navigating changes, leading to misunderstandings and project delays. Introducing change control mechanisms helps in sustaining project performance and stakeholder satisfaction despite the inherent uncertainties of project management.