According to Australian Standard Code of Tendering or AS 4120-1994, section 6.1.1, the project can be defined as the proper collaboration of individuals that helps to involve a specific research and design to achieve their team objective (Walker, 2015). The initiation of the tender procedure is the perfect development of project definition as well as scope, which will eventually set the complete success of a process. The document of tender defines all the requirements of project stakeholders.
2. Explanation of Project Justification and Contract Process
There are various factors in any particular project. Justification of project is one of these important factors in the tender request. It can be defined as the particular attempt to explain the reason that why the organization should implement the problem (Pemsel & Wiewiora, 2013). This project justification provides explanation about the project to their stakeholders. There are some steps to explain the project justification like environmental analysis, alternatives analysis and many more.
Contract process starts with the choosing of a contract. Then important information is being collected. The next step is the selection of the negotiator. Reviewing of the contract process is the next important step. Finally, the contract of the project is signed in the final step.
3. Explanation of Financing of the Project
Finance of any project depends on the cash flows of the project. This includes various equity investors or sponsors (Reiss, 2013). The project finance is the perfect financing of the long-term infrastructures, public services and industrial projects that is subsequently based over the non-recourse or limited recourse finance structure, where the project equity and debt, which are used to finance for their project are properly paid back from the cash flow of project. The finance of the project is structure of loan that is dependent on project cash flow.
4. Identification of Project Conditions, Project Team and Project Processes
Any project becomes successful if it meets or fulfills few factors. The major factors are project conditions, project teams and project processes (Schwalbe, 2015). Proper identification of these are important. The several conditions are as follows:
i) Efficient Governance
ii) Identification of Goals or Objectives
iii) Commitment to Success of Project
iv) Capable Investors
v) End Users
vi) Project Planning
vii) Proper Standards
Project team comprises of the various members of the project (Too & Weaver, 2014). The shareholders, clients, investors, labours, project manager and many others are part of this project team.
The processes of a project are as follows:
ii) Definition or Planning
iii) Launching and Execution
iv) Performance or Control
Expected Estimation to be Tendered for Project Labour, Plant, Materials and Sub Contractors
Expected or evaluated estimation that is to be tendered for project labour, plants, materials and sub contractors are given below:
i) Project Labours: Cost of the human effort is being expended to goals of project.
ii) Plants: Expense to buy as well as maintenance of the plants that are being utilized in the project work (Turner, 2016).
iii) Materials: Expenses of resources needed to create all products.
iv) Sub Contractors: Expenses of resources or the external work that the organization is seeking for the project.
6. Providing Requirements for Project Change
The change in project is the most significant requirement, which is often demanded by several clients. The most important requirements for change in project are as follows:
i) The first vital requirement is the determination of the project scope (Kerzner & Kerzner, 2017). It eventually refers to the fact that requirement is possible or not should be checked.
ii) The change incorporation is the next step. It refers to the facts that if now change is being made, will the project be successful.
iii) The approval or rejection should be gained from stakeholders.
iv) Communication as well as implementation within the change request is the next requirement.
7. Providing Requirements for Quality Assurance and Quality Control
The several requirements for quality assurance and quality control in a large assets project are as follows:
i) Accurateness: This project must be proper and accurate.
ii) Lack of Vagueness: It should lack vagueness (Burke, 2013).
iii) Completeness: This project must be completed within deadline provided.
iv) Can be Modified: Any type of change should be possible and thus modification could be accepted.
v) Presence of Consistency: The presence of consistency is another requirement for maintaining quality.
vi) Feasible: This project should be feasible enough.
8. Providing Requirements for Management of Document, Reporting and Governance
The several requirements for managing documents, reporting as well as governance in a large assets project are as follows:
i) Reducing Errors in Documents: The documents should be lack of errors (Pemsel & Wiewiora, 2013). This is the most significant requirement in the management of documents, reporting as well as governance in a large assets project.
ii) Proper Submission of Documents: All the documents must be submitted within time.
iii) Facility to Retrieve Documents: The third requirement is having the facility in retrieving the documents.
iv) Proper Application of Rules or Regulations: Perfect application of various rules or regulations are the next important requirement in managing documents, reporting as well as governance in a large assets project (Schwalbe, 2015).
9. Providing Requirements for Disputes, Arbitration and Mediation
The several requirements for disputes, arbitration and mediation in a large assets project are as follows:
i) Not fulfilling deadline of project: The first and the foremost requirement for disputes, arbitration and mediation in a project is not fulfilling deadline (Turner, 2016).
ii) Not fulfilling the requirements: When any requirement is not fulfilled, it can cause disputes.
10. Providing Requirements for Safety
The several requirements for safety in a large assets project are as follows:
i) Presence of Fire Extinguishers: Sufficient fire extinguishers should be present in the project area.
ii) Using Various Face Shield: The second requirement is the proper use of various face shields for labours (Too & Weaver, 2014).
iii) Knowing Hospital Locations: The near about hospital location should be known by the workers.
iv) Task Hazard Analysis: Perfect THA or task hazard analysis must be performed to mitigate the threats of safety.
Burke, R. (2013). Project management: planning and control techniques. New Jersey, USA
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Pemsel, S., & Wiewiora, A. (2013). Project management office a knowledge broker in project-based organisations. International Journal of Project Management, 31(1), 31-42.
Reiss, G. (2013). Project management demystified: Today's tools and techniques. Routledge.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
Too, E. G., & Weaver, P. (2014). The management of project management: A conceptual framework for project governance. International Journal of Project Management, 32(8), 1382-1394.
Turner, R. (2016). Gower handbook of project management. Routledge.
Walker, A. (2015). Project management in construction. John Wiley & Sons.