ICV Monitoring and Reporting

A detailed illustration representing In-Country Value (ICV) in Oman, showcasing local business development, human capability training initiatives, and economic growth, with symbols like Omani flags, workforce training scenes, and charts depicting economic improvement.

Understanding In-Country Value (ICV) in Oman

Test your knowledge on In-Country Value (ICV) and its significance in enhancing local business development and human capability in Oman. This quiz covers objectives, reporting processes, and key elements related to ICV.

Maximize local spend and boost Oman's economy
Comply with regulations and enhance workforce skills
Learn about ICV reporting requirements and processes

15 Questions4 MinutesCreated by BoostingGrowth512

1- In-country Value (ICV) goal is to maximize the total spend to be retained in country that benefits business development, contribute to human capability development and stimulates productivity in Oman’s economy

True

False

2- What are the objectives of In-Country value (ICV)?

- To comply with his late Majesty Sultan Qaboos Royal Decree to Increasing Omanisation and developing the skills of national workforce along with increasing In-Country spend on local goods and services.

- Achieve Sustainable Development.

- Increase Commercial Benefits for Oman

- All of the above.

4- Investment in fixed assets element includes:

- Corporate/Company investments within Oil & Gas

- Investments specific to execute the contract scope.

- All corporate/company investments within Oman

- All of the Above

5- Contractor shall submit the detailed ICV plan to M&R system within:

- 14 days of contract commencement

- 21 days of contract commencement

- 30 days of contract commencement

- No specific schedule need to be followed

6- ICV plan is Submitted ____ in M&R system.

- quarterly

- bi-annually

- annually

- Once, covering full contract duration

7- Once ICV plan is submitted by contractor, what actions required to reach actuals reporting stage:

- Contract Engineer to either verify or reject submission

- Contract Holder to either approve or reject submission

- Contractor to start submitting quarterly actuals right away

- ICV admin to register the contractor for ICV reporting access

Ontract Engineer to either verify or reject submission & Contract Holder to either approve or reject submission

8- Methods to submit the ICV plan in M&R system:

Submit envelope containing a hard and soft copy to PDO ICV administration team and they will upload it.

Send email to CE or CH with ICV plan attached and they will upload it.

- Any of the above.

10- Contractor shall submit their ICV actuals to M&R system within:

- 21 days

- 14 days

- 30 days

- No specific schedule need to be followed

11- Made in Oman mean products, materials or equipment that is included in the list of goods of Omani origin issued and certified by:

- Ministry of Commerce & Industry (MOCI)

- Ministry of Oil & Gas (MOG)

- Public Establishment For Industrial Estates

- Muscat municipality

12- Which of the following statements is incorrect:

- Services element is reported for contract specific.

- Short-term duration under supplier development element refers to the contract duration.

- Training element is not limited to the employees dedicated in executing the contract scope.

- Rental/lease of office space, equipment’s and vehicles are reported under services element.

- None of the above.

113- Which of the below statement is not part of Supplier Development Element:

- The value of scope awarded to supplier to procure goods or sub-contracted services

- Skills training and competency development of supplier employees.

Programs provided to increase capability & capacity of the supplier through improvements in operational process, efficiency and quality assurance.

- Enhance Communication of information

14- If my M&R system account is locked, what should I do?

- Contact ICV administrator to unlock my account

- Contact Contract Engineer to unlock my account

- Contact Contract Holder to unlock my account

- Any of the Above.

15- Which of the following categories are reported under institution support element?

- Technical & Vocational Training Institutions

- Tertiary Education Establishment

- Research & Development Institutions

- All of the above

ICV Monitoring and Reporting

Understanding In-Country Value (ICV) in Oman

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