PM0018-Contracts Management in Projects

Summer-2016
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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.
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. 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
Step 2: Determining Physical Completion and Quick Closeout Procedures
Q3. What is an outsourcing contract? What are the Advantages and Disadvantages of Outsourcing?
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.
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
Q6. Write short notes on:
 Contract Structure and its elements.
 Software Licensing
Answer. Contract Structure and its Elements:A contract is much more than an agreement between two people. There must be an offer and acceptance,
intention to create a legally binding agreement, a price paid (not necessarily money), a legal capacity to
enter a contract of your own free will, and proper understanding and consent of what is involved. Any d
Summer-2016
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