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MASTER
OF BUSINESS ADMINISTRATION (MBA) - PROJECT MANAGEMENT
SEMESTER
4
PM
0018 –CONTRACTS MANAGEMENT IN PROJECTS - 4 CREDITS
(BOOK
ID: B1347)
ASSIGNMENT-
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.
Fixed price contracts have a pre-set 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. [Explanation of various types of fixed
price contracts]
Answer.
5 fixed price contracts
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. They are:
1.
Firm-fixed-price (FFP): This type of contract
requires delivery of a product or service at a specified price, fixed at the
Q2.
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. [Conditions for
adopting direct contracting Requirements for direct contracting and Steps for
direct contracting]
Answer.
Conditions for adopting direct contracting
We should adopt direct
contracting when:
·
Extension of existing
contracts for works or supply of goods is justifiable on economic grounds. For
example, there is an existing contract (awarded through NCB) for the
construction of 20 kilometres road by the Public
Q3.
Write short notes on Cost Plus Fee Contracts. [Explanation of Cost Plus Fee
Contracts Features Conditions for adopting Advantages and disadvantages]
Answer.
Cost Plus Fee Contracts
A cost-plus fee
contract, also termed a Cost Reimbursement Contract, is a contract where you
pay the contractor for all set expenses plus an additional payment as profit to
him. This type of contract is also suitable for works. For example you buy 3
tons of bricks from a contactor who is outside your city. You pay him the
manufacturing cost of bricks, transportation cost, labour cost for loading and
unloading, labour cost for manufacturing plus an additional amount which is
given as
Q4. 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. [Explanation of any 2 of the methods With Where it is
appropriate, Type of assignments for which this method of
selection is adopted]
Answer.
2 methods of selecting consultants
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. Hence it becomes critical for you to select the
Q5.
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. [Core competence
of the project manager Requirements of the working system Use of Work Breakdown
Structure (WBS) Recognising the limitations with flexibility]
Answer.
Core competence of the project manager
The
project manager must have experience in planning and management of similar
projects. While he should be ready to refer to the individual specialists, he
should be as knowledgeable as anyone about the economic and regulatory
environment, engineering technology, project planning, scheduling and cost
accounting, as well as construction.
Q6.
Explain the need of Procurement law and what are its objectives? [Explain the need of Procurement law,
Objective) 5, 5
Answer.
Need of Procurement law
The Public Sector
Units of the Centre and the States have issued their own procurement
guidelines, manuals, codes and Standard Bidding Documents (SBDs). Thus, there
is no uniformity across various Ministries, State Departments and PSUs. They
could be easily modified as they were issued by the administrative Central
Ministries and State Departments. Any
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