Indian Strategic Petroleum Reserves Interview Questions and Answers

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Q1. What is the tender process?
Ans. 
The tender process is a formal process of inviting bids from potential suppliers to provide goods or services.
• The process starts with the organization issuing a request for tender (RFT) or request for proposal (RFP).

• Potential suppliers then submit their bids, which are evaluated based on criteria such as price, quality, and delivery time.

• The organization may then shortlist the bidders and invite them to make a presenta...read more
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Q2. What should be given to vendor to execute the work?
Ans. 
The vendor should be given a clear scope of work, timeline, budget, and any necessary resources.
• Scope of work document

• Timeline with milestones

• Budget allocation

• Necessary resources such as equipment or software

• Communication plan
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Q3. What is the mobilization advance?
Ans. 
Mobilization advance is an upfront payment made to a contractor to cover initial expenses.
• It is a payment made to a contractor before the start of a project

• It is meant to cover initial expenses such as equipment, materials, and labor

• The amount of mobilization advance is usually a percentage of the total contract value

• It is typically paid back to the client through deductions from future payments

• Example: A construction ...read more
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Q4. What is the process to recover Mobilization advance?
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The process to recover Mobilization advance
• Review the contract to determine the terms of the mobilization advance

• Ensure that the mobilization work has been completed as per the contract

• Submit a request for the recovery of the mobilization advance

• Provide supporting documentation to justify the request

• Negotiate with the client if there are any disputes or issues

• Receive the recovered mobilization advance
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Q5. What is the process to consider the extra items?
Ans. 
The process to consider extra items involves identifying the need, evaluating the impact, obtaining approval, and incorporating into the project plan.
• Identify the need for the extra item

• Evaluate the impact on the project timeline, budget, and resources

• Obtain approval from stakeholders or change control board

• Incorporate the extra item into the project plan and adjust accordingly
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Q6. What is the process to consider the extension time of contract period?
Ans. 
The process to consider extension time of contract period involves several steps.
• Review the terms and conditions of the contract

• Identify the reason for the extension request

• Assess the impact of the extension on project timeline and budget

• Negotiate new terms and conditions if necessary

• Obtain approval from all relevant stakeholders

• Amend the contract to reflect the extension

• Communicate the extension to all parties involve
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Q7. What is the full form of PMC?
Ans. 
PMC stands for Project Management Consultancy.
• PMC refers to the services provided by a third-party consultant to manage a project on behalf of the client.

• PMC involves planning, organizing, and overseeing the project from start to finish.

• PMC ensures that the project is completed on time, within budget, and meets the client's requirements.

• PMC is commonly used in construction, infrastructure, and engineering projects.

• Exam...read more
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Q8. What is the mean by Arbitration?
Ans. 
Arbitration is a legal process of resolving disputes between parties outside of court.
• Arbitration involves a neutral third party who listens to both sides and makes a decision.

• It is often used in business and commercial disputes.

• Arbitration can be binding or non-binding, depending on the agreement of the parties involved.

• It is typically faster and less expensive than going to court.

• Examples of organizations that offer ...read more
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Q9. Who can appoint the arbitrator?
Ans. 
The parties involved in a dispute can appoint an arbitrator.
• Arbitrator can be appointed by mutual agreement of the parties involved in a dispute.

• In some cases, the appointment of an arbitrator may be specified in a contract or agreement.

• If the parties cannot agree on an arbitrator, a court may appoint one.

• The arbitrator must be impartial and independent.

• The arbitrator's decision is binding and enforceable.
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