Differentiate between two major tendering processes in term of (identification, advantages and disadvantages, etc.). Based on the client requirements and project details mentioned above, select the appropriate tendering process with clear justification.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Considering that you are working as a member of a construction project team of a big mall in Muscat. Your company is responsible for the site construction process of the mall. As the owner [client] of this construction project is out of the country most of the time, the client specified the requirements to the contractor, and the client would like to give the total responsibility to the contractor without any involvement in the design, manufacturing, and construction of the project. The contract strategy describes that the contractor is responsible for all of the work required. Therefore, the contractor should design, procure all parts and materials, assemble, and construct the project and handover the project to the client for operation afterward.
Before the start of the work, an agreement shall be made between the client and the contractor mentioning the total cost of the project, duration and special conditions. The contractor must strictly follow mutually agreed standard form of contracts and specifications as per Oman legislation and regulations.
Differentiate between two major tendering processes in term of (identification,
advantages and disadvantages, etc.).
Based on the client requirements and project details mentioned above, select the
appropriate tendering process with clear justification.
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