Contracts- IP 3

600-1200 words

Assignment:

For this assignment, you will expand upon what you started in the Discussion Board. You will expand on the risks identified in the Discussion Board, and describe how you will prevent or mitigate them. For the procurement management process, you will update your project schedule to include the extra tasks related to this work and develop a contingency budget component. For the contract administration process, you will supply the details for how you will manage the overall contract process, and define your relationship with the vendor doing the work including checkpoints and payments.

1. New Content to be Inserted in Above Shell

• Procurement Contract Award

i. Complete award letter

• Procurement Risks

i. Provide the list of risks related to the procured or contracted work.
ii. Rate the risks according to likelihood and impact.
iii. Include the mitigation strategy for each.
iv. Include potential cost of each if it occurs.

• Procurement Management Process

i. Update the existing schedule or plan to include the additional tasks related to the deliverable that is now outsourced.
ii. Update the contingency budget to include additional costs that may be related to resolving risks.
iii. Design the overall communications process related specifically to the procured work.

• Contract Administration Process

i. Determine the communications process through status meetings, how often they occur, and what information will be supplied.
ii. Describe each of the checkpoints and what reviews and sign offs will take place.
iii. Identify the roles and responsibilities of both the vendor (seller) and the project manager (buyer).
iv. When problems arise, describe in detail what the process will be to solve them.