Spring-2016 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. How a project contract is formed? 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. 2. Outputs - Given the aim of the project, what do we actually need to produce to get there? What will your completed project be made up of? These need to be clearly defined. For example, your project's aim Q2. What is bidding? Describe the bidding process from the buyer’s perspective. 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 mandatory, provide an Q3. Explain the structure of a contract. 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 Q4. Explain Co-operative Benchmarking Process (COBAP). 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 customer satisfaction, Q5. Explain process of procurement. Using the Internet search, list the 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 Q6. What are the different contract forms of PPP (Public Private Partnership). 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 Spring-2016 Get solved assignments at nominal price of Rs.125 each. Mail us at: subjects4u@gmail.com or contact at 09882243490