Subtitles of the Movie

In this movie, we'll go through the workbook exercises found within your Work Files that relate to the contract administration process. There are 15 questions total included within this review, so let's jump right in. As usual, our workbook exercise review begins with the purpose of the process. The contract administration process has a lengthy purpose and that is to manage the contract and relationship between the buyer and seller, review and document how sellers are performing to establish corrective actions and provide a basis for future relationships with the seller, manage contract-related changes and manage contractual relationships with outside buyers of the project. Next, we have the inputs, tools and techniques and outputs of the process. By now you're familiar with the exercises that are connected to these questions, numbers two, three and four. I usually recommend pausing the movie and seeing if you can define the terms included. Remember particularly the outputs and work your way up from the outputs. Moving along to question five, what is the contract change control system and what items does it address? It addresses two in particular. It outlines the procedures to follow when modifying the contract and it addresses paperwork, tracking systems, dispute resolution procedures and approval levels needed to authorize changes. Question six, buy conducted performance reviews are? They are structured reviews meant to identify successes and failures of the seller's work within the project, monitor progress and for buyer to determine whether non-compliance exists. For question seven, you're asked to match the terms with the correct definitions. I'll go through these. The first, inspections and audits, is B. They're conducted during the project work execution and identify weaknesses in the seller's work processes or deliverables. For performance reporting, it's E; utilize performance reports to generate information sent to management regarding how effectively the seller is achieving their contractual objectives. Payment systems is C. It refers to payments made to the seller by the buyer, handled by the buyer's accounts payable system. Claims administration is A; deals with disputes between the seller and buyer when resolution can not be reached otherwise regarding a change to the contract. Next we have records management systems, which is D: includes a set of processes, related control functions and automation tools. And lastly, information technology, which is F: makes electronic data available and interchangeable between the buyer and seller. We have a fill-in-the-blank for number eight. Blank is helpful for tracking contract documents and correspondence, then archiving them. The answer is records management system. In question nine, you're asked for at least two items included within the contract documentation, which is one of the process' outputs. We covered seven that you may have chosen from and which include the contract, supporting schedules, requested unapproved contract changes, approved change requests, seller-developed technical documentation, work performance information such as deliverables, seller performance reports, warrantees and financial documents and results of contract-related inspections. Question ten, why are recommended corrective actions issued in this process? The answer is to bring the seller in compliance with the terms of the contract. Next, this process results in updates to the organizational process assets. What are the three items included within the updates? The three items are correspondence, payment schedules and requests, seller performance evaluation documentation. Question 12, 13, and 14 are multiple choice with the same three options. Question 12 says which of the following includes reviews of seller's work progress? A, claims administration; B, contract change control system or C, buyer-conducted performance reviews. The answer is C, buyer-conducted performance reviews. Question 13, which of the following are documented, processed, monitored and managed through the contract's lifecycle? The answer is A, claims administration. And question 14, which of the following outlines the procedures to follow when modifying the contract? The answer is B, contract change control system. And the final question, number 15, says what are the other two terms used to describe a claim? These two other terms are disputes and appeals. That closes out the review of the exercises found within your workbook relating specifically to the contract administration process. And also bring this movie and section to a close.