Requirements and Risks

I’m stuck on a Management question and need an explanation.

Discussion

Deliverable Length:

450 – 550 words

Assignment Objectives:

Apply the principles of contract administration, including monitoring the work of contractors, and managing project contracts.

Explain the legal and ethical considerations surrounding contracts including the risk distribution and allocation function of contracts.

Integrate contracting and procurement activities into overall project cost and schedule.


Assignment Details

There are 2 basic types of contracts: the fixed-price contract and the cost-plus contract. Each has several common variations. It is not unusual for any specific contract to have special terms and agreements, so the basic contract is just the starting point. The project manager is most interested in the terms that define and help to control costs, schedule, and quality.

Among the different types of contracts, which contracts do you think would be easiest for ADC to manage, and why? Which contracts would be the most difficult for ADC to manage, and why?

Examples of the contract types include the following:

  • Firm fixed price
  • Fixed price with targets
  • Fixed price at cost
  • Time and materials
  • Cost sharing
  • Cost plus

Be substantive and clear, and use examples to reinforce your ideas:

  • Which types of contracts do you think would be easiest for ADC to manage? Why?
  • Which types of contracts would be the most difficult for ADC to manage? Why?
  • What specific challenges do you think ADC would face when selecting the ideal type of contract?
  • What would you do personally to avoid or overcome these challenges?
    • What can you use to support your arguments?

ALSO Responded to Two Discussion Posts which will be Attached with the Class Scenario

Part 2

Deliverable Length:

700 words

Assignment Objectives:

Assess the effectiveness of a project contracting and procurement strategy.

Explain the legal and ethical considerations surrounding contracts including the risk distribution and allocation function of contracts.

Assignment Details

Individual Portion: Part 1

  • Create a risk template by listing the risks that you think are appropriate for ADC.
  • You may need to make assumptions about the project. Just be sure to document them in the description of the risk.
  • When identifying your risks, be sure to consider the following:
    • Project and product risks
    • External and internal risks
    • Project budget risks
    • Scheduling risks
    • Resource risks
    • Product quality risks
  • Be sure to categorize and quantify all of the identified risks.
  • Click on the following link to download and view a copy of an example risk template.
  • When you have finished, upload your file to the Small Group Discussion Area for peer review.

Individual Portion: Part 2

  • Next, create a weighted scorecard list of functional requirements for the scheduling tool you need to purchase for ADC.
    • Begin by reviewing each group member’s completed risk template.
      • If you notice any errors or contradictions, be sure to explain the issues thoroughly to each member before proceeding to risk responses and the creation of the weighted scorecard.
    • Use the Small Group Discussion Area to come to a consensus on the risk responses and how the weighted scorecard should be completed.
      • The members of the group should decide the following:
        • What risks and requirements must be included
        • What weight each risk or requirement should be given
    • Place each of your requirement statements, one per row, in the Requirements column.
    • Document any project assumptions you make in footnotes.
    • When the group has finished, the Score and Weighted Score columns should not be blank.
    • Click on the following link to download and view a copy of an example weighted scorecard.

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