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(Winter/November 2012)
Master of Business
Administration - MBA Semester 4
“Project Management”
Specialization
PM 0018 –Contracts
Management in Projects (4 credits)
(Book ID: B1347)
ASSIGNMENT- Set 1
Marks 60
Note: Assignment Set -1 must be written within 6-8 pages. Answer all
questions.
Q1.a. Why do we need a Law of Contract ? 5 marks(150-200) words
Answer : Contracts are the foundation of business and corporate law.
The terms of a written contract
should be carefully considered. You should have the opportunity to review them
and expose any potential misunderstandings or disagreements before you get too
far into the business relationship. If your contract contains the proper
language to protect your rights and the “fine print” is tailored to
b. Explain the close procurement project process 5
marks(150-200) words
Answer : Plan Procurement
This is the process of
identifying which project needs are best met by procuring services from the
private sector. It is undertaken during the scope definition phase and involves
consideration of whether or not to procure, how to procure, what to procure,
how much to procure, and when to procure.
This process involves the
preparation of th
Q2. Explain the typical reimbursable cost elements and the
non-reimbursable cost elements in cost-reimbursable contracts.
10 marks(300-400) words
Answer : Cost-Reimbursable Contracts
Cost-reimbursable contracts consist of
two similar contract types, cost-plus and time and material.
Cost-Plus. We enter into two major types of cost-plus
contracts:
Q3. Explain the outputs of Conduct Procurement process and Administer
procurement process
10 marks(300-400) words
Answer : Project Procurement Management
This chapter covers key concepts
related to Project Procurement Management.
Procurement Management involves
getting work done by people outside the project team. Project Procurement
Management
Q4. How is bill of material useful ? Explain the steps involved in
Triangle Talk. 10 marks(300-400) words
Answer : The Flow of Processing
section is helpful when learning to operate the software for the first time,
and should serve as the operator’s guideline for the Bill of Materials module
operation after the installation period. This section should be read along with
the Operations section to gain a full understanding of how the Bill of
Materials module works.
Q5.a. Describe performance based contracts 5 marks(150-200) words
Answer : Performance Based Contracting (PBC), known variously as
Performance-based logistics (PBL), Performance-based life-cycle product
support[citation needed], Contracting for Availability[citation needed],
Contractor Logistics Support (CLS)[citation needed], Contracting for
Capability[citation needed], and Power-By-The-Hour[citation needed] is a
product support strategy used to achieve measurable performance outcomes for a
weapon system or subsystem. A PBC approach focuses on developing strategic
performance
b. Explain where force account is best suited and list out the
requirements for the same.
5 marks(150-200) words
Answer : Contracted construction work paid-for on the
basis of time taken and material consumed.
Change Orders Involving Contractor Force Account Work
Include the following information
on all change orders (COs) involving force account work (see Form 2146, Change
Order, Contract Items, page 1, page 2):
Q6. List the features of Item Rate contracts and demonstrate how they
are different from Lump Sum contracts.
10 marks(300-400) words
Answer : A Rate Contract or a Rate Agreement (RC in short) is a procurement
cost reduction strategy aimed at standardizing procurement prices for commonly
procured, homogenous and price varying inputs.
A schedule of rates can be the
Bill of Quantities (BOQ), where,
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