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DRIVE
Summer
2017
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 the essential elements of a project contract. (Discuss the TEN
essential elements of a project contract) 10
Answer: Essential
elements of project contract: We have studied that a contract is an
agreement enforceable by law. To be enforceable by law, an agreement must
possess the essential elements of valid contract. These elements of a valid
contract are discussed as follows:
Proposal (offer)
and acceptance: There
must be a ‘lawful proposal’ and a ‘lawful acceptance’ of the proposal for a
contract. The word ‘lawful’ before offer and acceptance signifies that the
proposal and acceptance must
Q2.
Explain the steps involved in the contract closure process. (Explain the EIGHT
steps involved in the contract closure process) 10
Answer:
Contract Closure: Contract closure refers to a process of
accomplishing all the tasks as per the terms and conditions mentioned in the
contract. The steps involved in the contract closure process are given
Q3.
What is an outsourcing contract? What are the Advantages and Disadvantages of
Outsourcing?
Explain about outsourcing contract.
Advantages and Disadvantages of Outsourcing
Answer: Outsourcing Contracts:
Outsourcing a contract implies a process in which one party contracts work to
another party. First, the outsourcer accepts the tasks given by the organisation.
Then, the contract is and involves key contents such as scope, conditions,
deliverables, etc. Organisations often face the dilemma of whether to buy
resources/services from outside or create them within the organization. When an
organization buys services/resources externally, it is said to be
Q4.
Discuss the process of procurement. (Explain the SIX steps of the procurement
process) 10
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 involved in the procurement process are
discussed as
Q5.
What is contract management? Describe its important features. (Define contract
management, List and briefly explain the important features of a good
management contract) 1, 9
Answer:
Contract Management: Contract management refers to the
management of contracts by negotiating the terms and conditions of the contract
and ensuring compliance. It implies systematically managing the contract
creation and maximizing the operational and financial performance of contracts.
An increase in the use of contracts in organizations requires growing
recognition
6
Write short notes on:
Contract Structure and its elements.
Software Licensing
Contract
Structure and its elements
Definition
Software Licensing
Answer:
Contract
Structure and its elements:
There are several types
of contracts in different industries. Contracts differ in their terms such as
type of work, number
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