Address the following based on the Woods Hole Oceanographic Institution (2018) reading for this week. This reading provides a real-world example of purchasing and bid requirements. Evaluate the information provided on managing bids and negotiating prices competition/bidding and price analysis techniques. Discuss how this information may be useful on a project with which you are familiar or on one that you have researched. Support your positions with at least one current (no older than five years) scholarly source beyond the course materials and textbooks. Make sure to cite your sources following APA format. Part 1 Section 12.2 in PMBOK Guide Noakes-Fry K. (2016). Part I: Understanding the resilient supply chain. In K. Noakes-Fry (Ed.) Creating and Maintaining Resilient Supply Chains (14-63). Brookfield CT: Rothstein Publishing. Woods Hole Oceanographic Institution WHOI. (2015). Managing bids and negotiating prices. Retrieved from https://www.whoi.edu/procurement/managing-bids-negotiating-prices Keung C. W. & Yiu T. W. (2015). Potential for long-term sustainability: A visit of bidding objectives and strategies from maintenance contractors perspective. Facilities 33(3) 177-194. Olaniran O. J. (2015). The effects of cost-based contractor selection on construction project performance. Journal of Financial Management of Property and Construction 20(3) 235-251. TkÃ¡Ä M. Delina R. & SabolovÃ¡ M. (2016). Analysis of request for proposals in construction industry. Quality Innovation Prosperity 20(1) 104-117. Cornell Law School. (2018). Uniform commercial code. Retrieved from https://www.law.cornell.edu/ucc. Federal Acquisition Regulation (FAR). (2018a). Competition requirements. Retrieved from https://www.acquisition.gov/far/html/FARTOCP06.html#wp280339. Federal Acquisition Regulation (FAR). (2018b). Part 12”Acquisition of commercial items. Retrieved from https://www.acquisition.gov/browse/far/12/6?&searchTerms=Request+for+Proposal. Federal Acquisition Regulation (FAR). (2018c). Subpart 42.15”Contractor performance information. Retrieved from https://www.acquisition.gov/browse/far/42/15?&searchTerms=Evaluating+and+Selecting+Contractors Holloway M. D. (2016). Spend analysis and specification development using failure interpretation. Boca Raton: CRC Press: Taylor & Francis Group.