PM0018 –CONTRACTS MANAGEMENT IN PROJECTS

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ASSIGNMENT

DRIVE	FALL 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM0018 –CONTRACTS MANAGEMENT IN PROJECTS
BK ID	B1347
Credit and Max. Marks	4 credits; 60 marks

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q1. What is procurement management? Explain the basic steps in procurement process.

Answer : Today, different organizations employ various management techniques to carry out the efficient functioning of their departments. Procurement management is one such form of management, where goods and services are acquired from a different organization or firm.

All organizations deal with this form of management at some point in the life of their businesses. It is in the way the procurement is carried out and the planning of the process that will ensure the things run smoothly.

But with many other management techniques in use,

2 Explain condition for adopting National Competitive Bidding and the requirements of National Competitive Bidding.

Answer : Afford opportunity to all eligible prospective bidders from all countries to bid.

To be Adopted:

·         For packages costing more than the equivalent of US $ 1 Million* (Goods),

·         Irrespective of value, where supplies need import and entail payment in foreign currency; and,

·         Generally for all contracts in which foreign firms can be expected to participate.

National Competitive Bidding (NCB)

3 List the features of Item Rate contracts and demonstrate how they are different from Lump Sum contracts.

Answer : A rate contract (RC) is a legally binding document that is utilized to create a standard that is used in the purchase of certain types of goods and services. Considered a responsible and practical type of procurement cost reduction strategy, this type of contract can be adapted to a number of situations, allowing a business with an international presence to create different contracts that apply to specific nations or regions, based on the cost of

4 What is RFP? What are the types of consultancy contract?

Answer : A request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a product or service. For example, a new business or a business moving from a paper-based system to a computer-based system might request proposals for all the hardware, software, and user training required to establish and integrate the new system into the organization. Another business might draft an RFP for a custom-written computer application they wanted to outsource.

The quality of an RFP is very important to successful project management because it clearly delineates the deliverables that will be required. A request for quotation (RFQ) is sometimes posted when the requirements are very clear-cut - for example, in

5 Briefly explain the areas of risk and causes of risk in contracts. Briefly describe five conditions for termination of a contract?

Answer : The perception of risk is relative. To some, risk is simply an element in a financial model used to predict reasonable economic decisions but to others, risk is a broader concept — a key business interest — used to maximize profit through effective capital management.

Contract professionals must embrace the broader view of risk due to the rising profile of supply chain risks within our organizations.

Ø  Checklist for top five risk areas

If we agree that we assume the role of risk managers within our organizations, it’s fair to ask what contractual areas will generate the most risk for our business.

Electronic contracts

6 What is outsourcing? What are its benefits and draw backs? Write short notes on contract compliances?

Answer : Outsourcing is a business strategy that moves some of an organization’s functions, processes, activities and decision responsibility from within an organization to outside providers.  This is done through negotiating contract agreements with a vendor who takes on the responsibility for the production process, people management, quality, customer service and key asset management of the function.  The process can greatly reduce fixed overhead costs of an organization.

Ø  Advantages of Outsourcing

Cost Savings

There can be significant cost savings when a business function is outsourced.  Employee compensation costs, office space expenses and other costs associated with providing a work space or manufacturing setup are eliminated and free up

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