Pm0018 contracts management in projects
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The document provides information on MBA assignments for summer 2014, detailing subjects, requirements, and contact information for submitting completed assignments. Key topics include various types of fixed-price contracts, methods of direct contracting, cost plus fee contracts, selection methods for consultants, and the importance of procurement law. The emphasis is on providing extensive answers to assignment questions, with a specific word count guide for longer responses.
Pm0018 contracts management in projects
- 1. Dear students get fully solved assignments Send your semester & Specialization name to our mail id : “ help.mbaassignments@gmail.com ” or Call us at : 08263069601 (Prefer mailing. Call in emergency ) ASSIGNMENT DRIVE SUMMER 2014 PROGRAM MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2) SUBJECT CODE & NAME PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS BK ID B1347 SEMESTER 4 CREDITS 4 MARKS 60 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. 1. 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. Explain them.
- 2. Answer: - Various types of fixed price contracts: - Fixed-price types of contracts provide for a firm price or, in appropriate cases, an adjustable price. Fixed-price contracts providing for an adjustable price may include a ceiling price, a target price (including target cost), or both. Unless otherwise specified in the contract, the ceiling price or target price is subject to adjustment only by operation of contract clauses providing for equitable adjustment or other revision of the contract price under stated circumstances. The contracting officer shall use firm-fixed- 2. 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 Answer: - Conditions for adopting direct contracting:- Direct Contracting or single source procurement is a method of procurement of goods that does not require elaborate bidding documents. The supplier is simply asked to submit a price quotation or a pro-forma invoice together with the conditions of sale. The offer may be accepted immediately or after some negotiations. Direct contracting may be resorted to by concerned procuring entities under any of the 3. Write short notes on Cost plus Fee Contracts. Answer: - Cost plus Fee Contracts:- A cost-plus contract, also termed a cost reimbursement contract, is a contract where a contractor is paid for all of its allowed expenses to a set limit plus additional payment to allow for a profit. Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred expenses. Features of Cost plus Fee Contracts:- Construction contracts may also include the following features: Cost Escalation Clauses: Contractors may be entitled 4. 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. Answer: - Any two methods of selecting consultants:-
- 3. Sole-Source Procurement: - Using this approach, an agency selects a single consultant either for a particular task or for a continuing relationship. Where a local government has the flexibility to use such a selection process, it may be appropriate to do so under the following circumstances: When a consultant, due to prior work with the local government, has significant background in a matter requiring resolution in a short period of time or on a very limited budget When it is politically or practically necessary to retain a local consultant, and there is only one who is qualified 5. 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 Answer: - Core competence of the project manager Requirements of the working system Use of Work Breakdown Structure (WBS) Recognising the limitations with flexibility:- First, the PM must have skills in general management. Skills such as leadership, negotiation, communication, team building and other human resource management skills are necessary in any management position. 6. Explain the need of Procurement law and what are its objectives? Answer: - Need of Procurement law: - Public procurement is of great importance to the economy, affecting about 20% of UK GDP. Yet a recent report labels it as “traditionally misunderstood, under-valued, under-led and under-strength.” Many of the difficulties faced result from either an over-rigid adherence to or a complete neglect of public procurement law. Public procurement law is based on EU principles of transparency and non-discrimination designed to ensure fair competition for public contracts. Dear students get fully solved assignments Send your semester & Specialization name to our mail id :
- 4. “ help.mbaassignments@gmail.com ” or Call us at : 08263069601 (Prefer mailing. Call in emergency )