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DRIVE
SPRING
2016
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
Q1. Explain essential elements of project
contract. How a project contract is formed?
·
Essential elements of project contract
·
Formation of
project contract
Answer:
Essential elements of project contract
We have
studied that a contract is an agreement enforceable by law. To be enforceable
by law, an
Q2. What
is bidding? Describe the bidding process from the buyer’s perspective. (Define
bidding and mention the purpose of bidding, Describe 6 steps of the bidding
process from the buyer’s side.) 10
Answer:
Bidding: Bidding can be defined
as a process of setting a price that an individual is willing to pay for
buying a product or service (as in an auction) or for selling a product
or service (as in project tenders). It can also be defined as a process
to determine the price of a product, and it is mostly prevalent in auctions,
stock exchange and real estate. The purpose of bidding is to provide
competition and thereby, reduce costs for an owner. The owner holds a
meeting for all bidders to whom he/she has sent a request for proposal
or a request for bid. These conferences, which may be discretionary or
Q3.
Explain the structure of a contract. (List the elements of the contract
structure, Explain the elements) 10
Answer:
Contract Structure: There are several
types of contracts in different industries. Contracts differ in their
terms such as type of work, number of parties involved, degree of risk,
price of the contract, etc. However, the structure of a contract is almost similar
in most industries. Most contracts follow the same basic format. Generally,
contracts begin with a Preamble and continue with recitals or introduction.
Some contracts may not include the recitals or introduction units, for
example, contracts with short time periods. All contracts have a main
section, the body of the contract, which addresses the reason why
Q4.
Explain Co-operative Benchmarking Process (COBAP). (Explain the 8 steps of the
COBAP process) 10
Answer:
Co-operative benchmarking –an approach
to partnering: In
the case of partnerships, benchmarking can help in improving the performance
of organisations. The main motive for partnering is continuous improvement,
which is not possible without benchmarking. The Co-operative
Benchmarking Approach to Partnering (COBAP) involves partnering as a
long term approach for
Q5. Explain process of procurement. Using the
Internet search, list the procurement activities in the construction industry.
·
process of procurement
procurement activities in the construction industry
Answer:
Process of Procurement
The procurement process includes the activities of procuring goods or services,
paying the bills, and closing the procurement contracts. The steps of the
procurement process are shown in Fig
Q6. What
are the different contract forms of PPP (Public Private Partnership). (Explain
the 4 contract forms of PPP) 10
Answer: The
4 contract forms of PPP: The
different contract forms of PPP are given below:
Management contracts: These contracts have a
short-term tenure of around 2 to 5 years. In these contracts, the public sector
retains the ownership of the contract and enters into an agreement with the
private sector for managing a whole or a part of a public enterprise. The
public sector uses the skills and
Get fully solved assignment. Buy online from website
online store
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we will revert you within 2-3 hour or immediate
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if urgent then call us on 08791490301, 08273413412
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