The assignment requires students to compare and contrast the OSI reference model with the TCP/IP networking model. They must identify the similarities between the two models, such as having multiple layers and serving as conceptual models for network communication. However, they also need to highlight the differences, including the OSI being a generic protocol-independent model versus TCP/IP being based on standardized protocols. The students are also asked to briefly describe the Address Resolution Protocol (ARP) and its purpose in mapping IP addresses to physical MAC addresses.