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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 benefit your
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.
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:
- Cost-Plus Fixed Fee. Under cost-plus fixed fee contracts, we charge clients for our costs, including both direct and indirect costs
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 includes administering contracts and change control process to manage contracts or purchase orders.
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
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
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):
- the equipment description:
- brand
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
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