Winter-2015 Get solved assignments at nominal price of Rs.125 each. Mail us at: subjects4u@gmail.com or contact at 09882243490 Master of Business Administration- MBA Semester 4 PM0018-Contracts Management in Projects (Book ID: B2014) Assignment (60 Marks) Note: Answer all questions must be written within 300 to 400 words each. Each Question carries 10 marks 6 X 10=60. Q1. Explain the essential elements of a project contract. Answer. Essential elements of project contract:1. Aim of project - The aim of the project is a mixture of the reasons for doing the project and the benefits that are expected from it. This section of the plan can be either fulfilled by linking to the main business case, or by restating it in language for the expected audience. Q2. Explain the steps involved in the contract closure process. (Explain the EIGHT steps involved in the contract closure process) Answer. Step 1: Determining who Responsible is for Contract Closeout a. The first step in contract closeout is to determine who is responsible for closing out the contract. Check the “Administrated By” block on the latest modification, or if no modifications, the contract award form, to determine which office is responsible for administering and closing out the contract Q3. What is an outsourcing contract? What is its key content? Answer. Outsourcing contracts can be complex affairs, but a good outsourcing contract will examine service level agreements, penalties and rewards, timeframes and measurements, regular reviews, and exit strategies. Outsourcing itself can cover any or all IT system operations, with some organisations choosing to outsource their whole IT requirements. The sorts of operations that are often outsourced include the running of desktop and server applications, business processes, backup and recovery, customer services Q4. Discuss the process of procurement. Answer. Generally, the procurement process involves six broad stages. These can help agencies check their procurement activity against best practice recommendations. This process is common to all categories of procurement. The relative importance of the different stages within the process will depend on the size and type of procurement activity being proposed. Q5. What is contract management? Describe its important features. Answer. Contract management is the process of managing contract creation, execution and analysis to maximize operational and financial performance at an organization, all while reducing financial risk. Organizations encounter an ever-increasing amount of pressure to reduce costs and improve company performance. Contract management proves to be a very time-consuming element of business, which facilitates the need for effective and automated contract management system. Q6. Write short notes on: • Software development agreements • Bill of quantities method of pricing project contracts • Reasons for why an organization uses standard form of contract • Post bid review Answer. a. A written software development agreement is key to getting the product you want (if you are the client), getting paid (if you are the developer), preventing disputes, and providing ways to solve problems if they develop. And, if the parties end up in court, it establishes their respective legal duties. It typically comprises of a non-exclusive license to use the software and includes provisions whereby (1) a copy of the source code is kept with an escrow agent for release to the customer should the programmer (or vendor) fail to comply with terms of the software development, and Winter-2015 Get solved assignments at nominal price of Rs.125 each. Mail us at: subjects4u@gmail.com or contact at 09882243490