Week 10 Seminar Assignment

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Trinity College *

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101

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Management

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Apr 3, 2024

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Uploaded by LieutenantUniverseBat33

MGMT 307 Week 10 Seminar Assignment Group Assignment – Submit Individually Team Number Student Name Student number Review the article Merck Innovation Centre Case Stud y and answer the following questions. Each team member is to answer one of the following questions. 1. Do you think the way Steven and Mark addressed the agency related issues was appropriate and effective? Why? In terms of Steven and Mark's eligibility and efficiency in handling agency-related matters, it seems they adopted a proactive and creative strategy by encouraging cooperation and trust with possible contractors. They understood the complicated structure of the effort and the possibility of competition as a result of information inequality and competing objectives. They sought to address these concerns and lay a foundation for mutual understanding and confidence by holding in-depth workshops and conversations with bidders. This strategy makes sense since it addresses issues that the German construction sector has been facing and aims to resolve them through cooperative efforts as opposed to hostile ones. 2. Steven and Mark decided to develop their own collaborative way of procuring concrete and steel works. Do you think their model should be recommended for replication for other projects? Why? It looks that Steven and Mark's collaborative procurement methodology for steel and concrete works was created with the unique requirements and difficulties of the Merck Innovation Center project in mind. Even though their strategy required a large time and resource commitment for pre-contract activities like workshops and talks, in the end it produced bidders with more realistic and knowledgeable prices. It might be advised to follow this strategy in projects of a similar nature when there are a lot of technical difficulties, complexity, and a strong requirement for relationships built on trust with contractors. However, variables like project size, money, and stakeholder preferences would affect how applicable it is to other projects.

MGMT 307 Week 10 Seminar Assignment 3. Due to the introduction of additional requirements by the building authorities a major disruption of the procurement process occurred. Do you think Steven’s and Mark’s strategy to postpone this issue post-contract award is suitable? Why? Because construction operations must be quickly completed, it makes sense to postpone addressing the additional requirements imposed by the building authority until after the contract is awarded. Maintaining the project schedule and avoiding delays brought on by contract negotiations were probably Steven and Mark's top priorities. They may work together to handle regulatory changes during the execution phase if they concentrated on coming to an agreement with the chosen contractor. In order to minimize building progress disruptions and ensure project continuity, this technique seems appropriate. 4. Post-contract award the client offered bonus payments to Construct. Why did they choose to spend extra money if they are not contractually obliged to do so? Do you think it paid off? Offering bonuses to Construct after the contract has been granted demonstrates Merck's dedication to recognizing excellence and developing a productive working partnership with the contractor. These bonuses encourage Construct to hit deadlines and produce excellent work, even though they are not required by contract to do so. Whether or not it was worthwhile relies on how much Construct was driven by these incentives and if they helped the project succeed in terms of on-time delivery and adherence to quality standards. 5. Would you have done anything differently to Steven and Mark? Why? In your opinion, is it

MGMT 307 Week 10 Seminar Assignment likely that Steven’s and Mark’s approach contributes to the success/failure of the project? Why? Even if Steven and Mark's strategy seems well-considered and suited to the particular difficulties of the Merck Innovation Center project, there might be room for development or other approaches to consider. For instance, they should have done a deeper investigation into the possibility of integrating the moment procurement approaches like open book contracts into Merck's corporate governance structure. Furthermore, constant monitoring and assessment of their collaborative approach's efficacy throughout the project lifecycle could provide valuable insights for continued improvement. Since cooperation, trust, and clear communication are essential for accomplishing project goals, Steven and Mark's approach is probably going to have a big impact on the project's success. But additional elements like resource management, technological proficiency, and external influences all contribute a part. You may review the following videos/ articles https://www.pmi.org/learning/library/negotiating-project-outcomes-develop-skills-6781 https://www.pmi.org/learning/library/negotiate-success-element-communication-managers-6504 https://www.youtube.com/watch?v=iV4BAQCBpF4 https://youtu.be/BAj2j26kuzo

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