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ASSIGNMENT
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DRIVE
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SUMMER 2014
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|
PROGRAM
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MBADS
(SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4)
PGDPMN
(SEM 2)
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SUBJECT
CODE & NAME
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PM
0018 –CONTRACTS MANAGEMENT IN PROJECTS
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BK
ID
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B1347
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SEMESTER
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4
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CREDITS
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4
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MARKS
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60
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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.
1. Fixed price contracts
have a preset price that the vendor must adhere to in performing the work and
in providing materials. There are different types of fixed price contracts.
Explain them.
Answer: - Various types of fixed price
contracts: - Fixed-price types of contracts provide for a firm price or, in
appropriate cases, an adjustable price. Fixed-price contracts providing for an
adjustable price may include a ceiling price, a target price (including target
cost), or both. Unless otherwise specified in the contract, the ceiling price
or target price is subject to adjustment only by operation of contract clauses
providing for equitable adjustment or other revision of the contract price
under stated circumstances. The contracting officer shall use firm-fixed-
2. Direct contracting is
another procurement method that is used under a limited number of exceptional
circumstances. Explain the conditions for adopting direct contracting,
requirements and steps for direct contracting
Answer: - Conditions for adopting direct contracting:- Direct Contracting or
single source procurement is a method of procurement of goods that does not
require elaborate bidding documents. The supplier is simply asked to submit a
price quotation or a pro-forma invoice together with the conditions of sale.
The offer may be accepted immediately or after some negotiations. Direct
contracting may be resorted to by concerned procuring entities under any of the
3. Write short notes on
Cost plus Fee Contracts.
Answer: - Cost plus Fee Contracts:-
A cost-plus contract, also termed a cost reimbursement contract, is a contract
where a contractor is paid for all of its allowed expenses to a set limit plus
additional payment to allow for a profit. Cost-reimbursement contracts contrast
with fixed-price contract, in which the contractor is paid a negotiated amount
regardless of incurred expenses.
Features of Cost plus Fee
Contracts:-
Construction contracts may also include the following features:
Cost Escalation Clauses: Contractors may be entitled
4. The methods of
selecting a consultant are designed to achieve the objectives of quality,
efficiency, fairness and transparency in the selection process and to encourage
competition. Discuss any 2 methods of selecting consultants.
Answer: - Any two methods of selecting
consultants:-
Sole-Source Procurement: -
Using this approach, an agency selects a single
consultant either for a particular task or for a continuing relationship. Where
a local government has the flexibility to use such a selection process, it may
be appropriate to do so under the following circumstances:
·
When a consultant, due to prior
work with the local government, has significant background in a matter requiring
resolution in a short period of time or on a very limited budget
·
When it is politically or
practically necessary to retain a local consultant, and there is only one who
is qualified
·
5. The contract control
process commences right at the beginning stage of bid document preparation
inviting contractors to bid, and proceeds through the contract negotiation,
contractor selection, monitoring and controlling of the contractor’s work and
terminating the contract. Explain the areas that need attention for effective
control of the contracts in a project
Answer: - Core competence of the project manager Requirements of the working
system Use of Work Breakdown Structure (WBS) Recognising the limitations with
flexibility:-
First, the PM must have skills in general management. Skills such as
leadership, negotiation, communication, team building and other human resource
management skills are necessary in any management position.
6. Explain the need of
Procurement law and what are its objectives?
Answer: - Need of Procurement law: -
Public procurement is of great importance to the economy, affecting about 20%
of UK GDP. Yet a recent report labels it as “traditionally misunderstood,
under-valued, under-led and under-strength.” Many of the difficulties faced
result from either an over-rigid adherence to or a complete neglect of public
procurement law. Public procurement law is based on EU principles of
transparency and non-discrimination designed to ensure fair competition for
public contracts.
Dear
students get fully solved assignments
Send
your semester & Specialization name to our mail id :
“
help.mbaassignments@gmail.com ”
or
Call
us at : 08263069601
(Prefer
mailing. Call in emergency )
