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1-800-THE-TREE (1-800-843-8733)
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Contract Management Principles and Practices
Course: 938
Type: RealityPlus
Duration: 3 Days
You Will Learn How To
- Apply effective contracting strategies and techniques to maximize results and minimize risk
- Manage an effective contract life cycle
- Identify strategies and tactics to select the most qualified vendors
- Orchestrate the negotiation process for "win-win" outcomes
- Employ best practices for contract administration and execution
- Ensure delivery of intended objectives and successful contract closure
Course Benefits As contracts continue to be the foundation of business relationships, organizations need to implement effective contract management practices to avoid risk and achieve optimal outcomes. This course provides you with the knowledge and skills to successfully manage and execute the contracting process. Throughout the course you learn how to implement the contract life cycle and avoid common pitfalls.Who Should Attend Project managers, contract managers and other professionals involved in the contract management life cycle. This course benefits all stakeholders involved in the buying and selling roles. Experience at the level of Course 296, "Project Management: Skills for Success," is recommended but not required.Through extended experiential activities, you simulate real-world situations and practice contract management skills and techniques: Practical exercises include:
- Recognizing common issues in the process
- Applying decision-making models for vendor choice
- Determining the appropriate contract type
- Demonstrating the buyer vs. seller position
- Creating a comprehensive Request for Proposal
- Employing effective negotiation techniques
- Reviewing contract documents for completeness
- Analyzing impact of a contract change request
Course 938 Content
- Avoiding, mitigating and transferring risk
- Controlling costs with supply chain participants
- Managing buyer-seller relationships
- Clarifying the elements that constitute a binding contract
- Demystifying legal jargon
- Analyzing key drivers
- Evaluating suitability of terms
- Conducting a needs analysis
- Determining "make" or "buy" decision
- Setting contract objectives and statement of work
- Creating the communications plan
- Developing the contract approach
- Gathering market intelligence
- Analyzing capabilities against specified criteria
- Narrowing the field of suppliers
- Addressing the conflicting needs of buyers and sellers
- Selecting efficient methods for obtaining information
- Reviewing key components
- Processing and disseminating the request
- Applying PMBOK® Guide and other best practices
- Employing analytic and heuristics tools and techniques
- Establishing review process
- Evaluating vendor services and products
- Visiting vendor sites for optimum effect
- Performing due diligence of vendor choices
- Handling a "no bid" scenario
- Selecting a suitable negotiation model
- Creating an effective plan
- Anticipating the seller's strategy
- Preparing the buyer's strategy
- Orchestrating roles and expectations
- Leveraging the environment for successful outcome
- Drafting the document
- Applying change in a controlled manner
- Obtaining stakeholder signature approval
- Buyer versus seller perspectives
- Project manager role during implementation
- Performance reviews
- Inspections audits
- Payment systems claims
- Administration reports
- Integrating with the project
- Assessing the impact within the organization
- Conducting impact analyses
- Identifying, assessing and mitigating risk
- Implementing change control procedures
- Responding to exception conditions
- Modifying contract based upon change requests
- Verifying scope delivery
- Transferring service into operational control
- Authorizing final payment to vendor
- Service Level Agreements, warranties and guarantees
- Managing updates and upgrades
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RealityPlus is a trademark of Learning Tree International. PMBOK is a registered trademark of the Project Management Institute, Inc.
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