Strategic Contract Management
£4800.00
INTRODUCTION
In the realm of business, from shaping organisational needs and project definitions to supplier selection, contract negotiation, and overseeing project execution, a profound understanding and adept management skills are essential to mitigate risks and maximize value. The repercussions of contract failures can be extensive, consuming time, causing disruptions, and incurring substantial costs.
Al-Majd Pathways Centre (APC)'s intensive Strategic Contract Management training course delves into advanced concepts in Contract Management. It empowers participants to navigate the dynamic business landscape by implementing a systematic approach to contract management. This approach fosters the effective and efficient attainment of business objectives, while reducing risks.
Participants in the Strategic Contract Management training course will acquire the following competencies:
Proficient management of contract stakeholders.
Strategic procurement planning and acquisition strategy development.
Value-driven procurement.
Mastery of contract negotiation.
Effective contract risk management.
Skillful supplier relationship management.
Essential project management capabilities.
Contract monitoring and control.
TRAINING OBJECTIVES
The Strategic Contract Management training course is designed to enhance participants' knowledge and skills in contract management. Upon completion of this training course, participants will be able to:
Expand their understanding of vital contract management concepts, contractual processes, best practices, and challenges.
Improve their managerial approaches to contract management and develop essential skills for delivering contract outcomes effectively and efficiently.
Prioritize the delivery of measurable organizational value in each contract engagement.
Identify and mitigate contract risk factors and the associated commercial consequences.
Comprehend different types of contractual relationships and select effective contracting strategies.
Embrace stakeholder management principles and choose appropriate stakeholder management strategies to facilitate productive relationships while ensuring commitments are fulfilled.
Recognize essential pre-contract activities, including accurate assessment and articulation of business requirements, tendering, tender evaluations, and supplier selection.
Apply hands-on skills relevant to every stage of contract management, considering the essential tasks throughout the contract lifecycle.
Employ practical negotiation, procurement, and contract management techniques.
Utilize fundamental project planning, scheduling, and budgeting methods to establish effective contract baselines.
Review robust contract management documents that can withstand rigorous audits.
Develop strategies for effective project execution, monitoring, and control.
Explore how to manage contracts that deviate from the original plan, resulting in disputes, poor performance, plan variations, and, if necessary, early contract terminations.
Immediately implement steps required to maximise the value of each contract engagement.
WHO SHOULD ATTEND?
Professionals from diverse industries aiming to advance their contract management skills.
Personnel at all organizational levels responsible for vendor and contractor interactions, with an interest in optimizing the value of contract expenditures.
Individuals from project teams, planning departments, process improvement teams, contracting teams, internal audit departments, risk strategists, and contract strategists.
TRAINING APPROACH
Recognising diverse learning styles, the Strategic Contract Management training course blends extensive delegate interaction with traditional lecture-style instruction. It incorporates practical exercises, case studies, group discussions, and real-world examples. Delegates are encouraged to contribute their own experiences, fostering exchanges that enhance participants' knowledge and skills across various industries.
TRAINING OUTLINE
Day 1 Introduction and Core Concepts
Overview of Contract Management
The Purpose and Nature of Contracts
Key Contract Management Principles
Typical Contract Management Challenges
Projects, Programs, Initiatives
The Project Lifecycle
The Role of Stakeholder Management in Successful Contracts
Understanding Key Stakeholders
Stakeholder Management Planning
Effective Stakeholder Management Strategies
Business Needs Analysis and Requirement Elicitation
Defining Project Requirements
Day 2 Strategic Procurement Planning
Understanding Contracts and Their Creation
Corporate Procurement Strategy
Contract Delivery Models
Fundamentals of Pre-Contract Activities
The Procurement and Contract Management Cycle: Pre-Award, Post-Award
Pre-Tender Activities
Developing an Acquisition Strategy and Specifications
Strategies for Contract Pricing
The Tender Process
Tender Documentation Requirements
Evaluation Planning and Methodologies
Supplier Selection Criteria
Evaluation Matrix
Contract Structures
Day 3 Contract Negotiation and Transition
Preparing for Negotiations
Negotiation Objectives
Context and Issues
Negotiating Strategies
Negotiation Styles
Assessing Negotiating Power and Position
Negotiation Planning and Process
Interest-Based Bargaining
Dealing with Unexpected Challenges
Negotiator Tactics and Skills
Transitioning into Contract Execution
Day 4 Contract Risk Management
Understanding Contract Risk Management
The Contract Risk Management Process
Innovations in Risk Mitigation
Strategic Risk Analysis
Identifying Risk Factors
Commercial Implications of Contract Risks
Risk Mitigation Strategies
Risk Transfer and Allocation
Day 5 Planning Contract Delivery: Establishing the Baseline
Project Scope
Requirement Traceability
Work Breakdown Structure
Using the Critical Path Method for Contract Deadlines
Budget Management and Contingency Planning
Risk Identification and Mitigation
Effective Contract Monitoring
Fundamentals of Contract Performance Monitoring and Control
Refining Project Requirements and Managing Variations
Earned Value Management
Payments Management
Linking Payments to Performance
Payment Records and Documentation
Maximizing Value through Effective Control
Managing Project Changes and Delays
Issue and Dispute Resolution
Addressing Poor Performance and Non-Conformance
Contract Closure
Contract Termination and Extension
Decision-Making on Contract Extension, Renewal, or Termination
Project Completion, Inspection, Handover, and Acceptance
Lessons Learned
Contract Performance Reviews and Realising Benefits
Format: On-site and Online
Language(s): English
Duration: One Week
Certificate of Completion: Upon successful completion of the course, participants will receive a Certificate of Completion from Al-Majd Pathways Centre (APC).