Your organization is about to embark on a large infrastructure project which requires significant upfront investments and involves multiple external contractors. As the project manager, you are tasked with recommending an execution strategy. Which of the following strategies would best ensure financial stability and strong contract management throughout the project lifecycle?
Using a fixed-price contract with clearly defined milestones and penalties for non-compliance
Implementing a cost-plus contract to guarantee all expenses are covered
Adopting a time and materials contract to ensure flexibility in project management
Using an indefinite delivery, indefinite quantity contract for better adaptability