PM0018 –CONTRACTS MANAGEMENT IN PROJECTS

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Assignment

DRIVE	FALL 2015
PROGRAM	MBADS (SEM 4/SEM 6)  MBAFLEX/ MBA (SEM 4)  PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS
BK ID	B2014
CREDIT AND MARKS	4 CREDITS AND 60 MARKS

1 Explain the essential elements of a project contract.

Answer:

Initiate. The initiation process authorizes the overall project or the next phase of a project. In this phase, project objectives are established, scope is defined, and responsible parties and deliverables are identified.

Plan. The planning processes are precisely that--the defining and refining of the best courses of action to take to attain the project objectives. Planning falls into two categories: core planning processes and facilitating processes.

2 Explain the steps involved in the contract closure process.

Answer: Contract Closure puts the finishing touches on Project Procurement Management. The four inputs to the Contract Closure Process are:

·         The Procurement Management Plan – The Procurement Management Plan is the play book for how to manage the Contract Closure process and to interweave it with other processes.

·         The Contract Management Plan - The Contract Management Plan details how to manage the contract on significant purchases, throughout the life of the contract. A project team commonly refers to the Contract Management Plan for any contract closure guidelines surrounding a purchase. By providing information for the

3 What is an outsourcing contract? What are its key content?

Answer: Outsourcing contracts can be complex affairs, but a good outsourcing contract will examine service level agreements, penalties and rewards, timeframes and measurements, regular reviews, and exit strategies.

The benefits for businesses that outsource their IT include lower IT costs, and the ability to scale up their operations as and when required.

They can also gain from using the expertise of

4 Discuss the process of procurement.

Answer: A Procurement Management Process, or Procurement Process, is a method by which items are purchased from external suppliers. The procurement management process involves managing the ordering, receipt, review and approval of items from suppliers. A procurement process also specifies how the supplier relationships will be managed, to ensure a high level of service is received. This is a critical task in Procurement Management. In essence, the procurement process helps you "get what you have paid for".

5 What is contract management? Describe its important features.

Answer: The terms “contract management” and “contract administration” are often used synonymously. However, “contract management” is commonly understood as a broader and more strategic concept that covers the whole procurement cycle including planning, formation, execution, administration and close out of a contract and goes beyond the day to day “administrative” activities in the procurement cycle. Because it is difficult to draw the line between the two terms and because the majority of the UN organizations commonly use “contract management” when describing the contract administration phase, “contract management”

6 Write short notes on:

(a)Software development agreements: Software development agreement states the terms and conditions that govern the contractual agreement between having his principal place of business at developer address and having its principal place business at client address who agrees to be bound by this agreement.

Whereas the client has conceptualization which described in further detail on Exhibit A and the developer is a contractor with whom the client has come to an agreement to develop the software.

Now therefore in consideration of the mutual

(b)Bill of quantities method of pricing project contracts: The bill of quantities is a document prepared by the cost consultant (often a quantity surveyor) that provides project specific measured quantities of the items of work identified by the drawings and specifications in the tender documentation. The quantities may be measured in number, length, area, volume, weight or time. Preparing a bill of quantities requires that the design is complete and a specification has been prepared.

(c)Reasons for why an organisation uses standard form of contract: A standard form contract (sometimes referred to as an adhesion or boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more

(d)Post bid review: Post Bids are presented to the Sellers daily and any Seller may elect to approve any bid at any time resulting in a deal being made with a bidder. If a bid is approved, the property may be removed from the site,

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