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PPMP20013 : Project Management For Operators
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PPMP20013 : Project Management For Operators
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Course Code: PPMP20013
University: Central Queensland University
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Country: Australia
Question:
1). What are large asset owners and what kind of assets do they own? Why do some of them let other organisations run their projects?
2). What is a tender? Describe what makes a “good and complete” tender specification.
3). How might large asset owners identify their project requirements, and what could they do to put together accurate estimates for a project cost budget prior to the issuing of a tender?
4). How does a large asset owner ensure that the contractors working for him undertaker work that is of a satisfactory quality?
5). You work for a large asset owner and you do not believe that a contractor has met the terms of the contract. Therefore you issue the contractor with a notice of arbitration. What is arbitration? When would you use it and what must you ensure has happened before you reach the arbitration stage?
6).Please discuss the following graph of percentage cost against time taken and explain the possible roles of Project Manager working for a large asset owner within the timeframe of the graph?
Answer:
1).The large assets owners are the individuals that manage and maintain the securities of the project. They are the ones who own a share in the high-end projects. They own both tangible and intangible assets (Laprote & Chevalier, 2016). In various type of situations, the large assets owner faces a situation where their projects are very complex and hence, they require a various type of the organizations with different type of background to take part and collaborate among themselves in the project. In addition to this, the costs of the project are also very high and they require additional funds into their projects. Also, the project may need a huge amount of man power and all the sections of the company are already allocated and hence, the organization let the other organization run their projects. The organizations need a good HR policy to outsource the employees. Hence they submit parts of their project to the other organizations and take their help for the particular phase and the organization completes the part of the project the submits it to the company. In addition to this, an example can be considered where an construction company is looking to implement a portal for themselves and they would be contacting an IT firm.
2).Basically Tender is a platform generated to offer a competition between different bidders offering same work, supply or service so that the quality work will be obtained at reasonable cost (Rukmana & Muslim, 2017). A tender is a formal offer to perform work in return for payment. Payment maybe in the form of a fixed price or via a schedule of rates. Work may include the supply of goods or services or both. A tender document is the document which contains all terms and condition of the items/services to be procured by the purchaser. It generally includes: Terms and conditions, scope of supply, bill of quantity, format for agreement, Earnest Money Deposit, Security Deposit, do’s, don’t do’s, special condition of contract, general conditions of contract, payment terms, delivery time and locations. To win a tender you should understand the tendering process and what the buyer expects. However, such process must ensure that there are no loopholes in the system so that any individual has a back door entrance or having an underhand connection. Generally, tenders are published by Government sector however huge Private sector also publishes tenders for their required work service or supply. A good and complete tender involves focusing on what the buyer wants, and keeping the competitors in mind. The pricing should also be kept in mind when submitting a tender. The document should be containing an overall summary of the proposal, the requirements and object of the projects, the schedule, the budget and explanation of the value for money of the bid.
3). The large assets owners should identify the pre tender estimate to identify the costs involved with the project (Walker, 2015). Buyers are the organisations who publish tenders and are looking for responses from businesses who can do the work. They do this with a Request for Tender (RFT). Suppliers are the individuals or businesses that are carrying out the work for the buyers. Suppliers can offer goods, services or both. They should identify the goals and objectives of the project and break down to the procedures of the project into smaller blocks. This helps the owners to identify each of the processes of the project and identify the requirements of each process for the project. The work breaks down structure helps a great deal in this process. the breaking of a work into system from that to subsystems components and further elements is call work breakdown structure. The cost estimation of each of the project is also done and the prices quotation for each of the process are procured from the constructors and a miscellaneous amount is added to the existing estimate and total estimated budget for the project is formed.
4). The contractor is responsible for the maintenance, repairs, installation, construction and demolition in the project of large assets. Hence, it is very important the large asset owner ensure that the contractors working for him undertaker work that is of a satisfactory quality (Lock, 2017). The company looking to complete their project will issue a notice that this contract is available. Typically, this will have some detail, for example the scope, range and geographical location of the work project. They will ask for expressions of interest, followed by more information in a pre-qualification questionnaire, followed by even more information in a tender document. Firstly, the owner needs to keep in mind the law related to contractors and procurement. Secondly, the owner is also required to make some policies that would be maintained throughout the project and the polices about the health and safety management and project quality are to be described by the owner. After setting up the polices it is to be seen that the policies are maintained throughout the project. Continuous monitoring of the project is to be done so that the satisfactory quality of the project is maintained throughout the course of the project.
5). Arbitration is one of the procedures of Alternative Dispute Resolution. Many people term it as ‘Out of the Court Settlement Procedure’. Generally, Arbitration arises out of a Contract in which it is mentioned as one of the ways of resolving the dispute (Lisman, 2015). Arbitration is most often required by contract–for example, commercial, consumer, employment or labour contracts. Arbitration cannot be instigated by only one party to the dispute. Both parties need to agree to the process. Arbitration is most often binding on the parties, providing no means of appeal other than on a point of law. This means that settlement in arbitration cases is normally final. Arbitration is tool which is to be used when the contractor has violated the policies of the project beforehand and also has not provide the deliverables according to the requirements. It is also to be ensured an efficient amount of evidence about the work of the contractor is to be obtained before any furthers st6ages are to be rached. Some arbitration clauses can be successfully challenged as unfair contracts of adhesion. Once an arbitration decision is rendered, it can usually only be overturned on very narrow grounds.
6).
References:
Laporte, C. Y., & Chevalier, F. (2016). An innovative approach to the development of project management processes for small-scale projects in a large engineering company. In Effective Standardization Management in Corporate Settings(pp. 123-160). IGI Global.
Lisman, J. K. (2015). Arbitration Agreement Arbitrage: Statutory Discrepency Leads to Third Circuit Victory for Dodd-Frank Whistleblower Defendants in Khazin v. TD Ameritrade Holding Corp. Vill. L. Rev., 60, 753.
Lock, D. (2017). The essentials of project management. Routledge.
Rukmana, S. H., & Muslim, M. A. (2017). Decision Support System Based on Benefit Cost Ratio Method for Project Tender. APTIKOM Journal on Computer Science and Information Technologies, 2(1), 26-30.
Smith N.J. 2008, Engineering Project Management, 3rd Edition. Blackwell Science Ltd.
Walker, A. (2015). Project management in construction. John Wiley & Sons.
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