Project Contract Management Analysis: PPMP20013 Portfolio Week 1

This project portfolio focuses on project contract management, specifically addressing the key areas of project, program, and portfolio management practices within asset-rich organizations. The assignment delves into the significance of project contracts in procuring resources and establishing relationships, highlighting the role of contract conditions for both project teams and processes. It explores the legal aspects of contracts, risk allocation, and budget management. The portfolio references academic sources like Turner and Simister (2001), and includes insights from Levy (2012), and AS 4915-2002, providing a comprehensive understanding of the subject. The portfolio emphasizes the importance of contract conditions in defining the legal relationship between project parties, including risk allocation and budget considerations. The assignment also emphasizes the importance of the contracting policy that is mainly established by the management.

(M Mudabbir Ahsan) / (12047786) - PPMP20013 Course Portfolio for Week (1)
Learning
outcomes of the
course
Description oftopics
including reading
samples
Learnings from your experience Supporting
documentation
including your
prior learning
1.Use clear
terminology to
describe the key
areas of project,
program and
portfolio
management
practices as applies
to asset rich
organisations.
Week 4: Identify and apply
project contract conditions to
project teams and project
processes.
Levy (2012) Chapters 6 & 7.
AS 4915-2002 Project
management - General
conditions.
.
I have identified that project contracts are utilized for procuring people,
materials, plant as well as services which are quite fundamental to project
management. Project contracts are generally the method that helps in obtaining
various types of resources by elaborating the expectation as well as relationship.
I have learned that there are number of contract conditions for both the project
team as well as project processes. I have found that the project contract
conditions generally helps setting principal legal relationship between various
parties of project who determine the risk allocation as well as budget related
with the project. In addition to this, I have also analysed that the organizations
are mainly involved with the contract due to a contracting policy that is mainly
established by the management. Moreover, if the entire contract is due to the
result of series of written as well as verbal interchanges then the final contract
helps in stating the agreed as well as replacing all the communication.
Turner, J.R. and Simister,
S.J., 2001. Project
contract management
and a theory of
organization. Internation
al journal of project
management, 19(8),
pp.457-464.
References
Turner, J.R. and Simister, S.J., 2001. Project contract management and a theory of organization. International journal of project management, 19(8), pp.457-464.
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