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.
Workshop Course
Through extended experiential activities, you simulate real-world situations and practice contract management skills and techniques: Practical exercises include:
- Identifying 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 the meaning of legal terminology within the contract
- Analyzing the impact of a contract change request
Course 938 Content
Rationale for Contracts
- Avoiding, mitigating and transferring risk
- Controlling costs with supply chain participants
- Managing buyer-seller relationships
Defining Contract Principles
Establishing a foundation in law
- Clarifying the elements that constitute a binding contract
- Demystifying legal jargon
Surveying appropriate pricing options
- Analyzing key drivers
- Evaluating suitability of terms
Launching the Contract Life Cycle
Justifying the contract
- Conducting a needs analysis
- Determining "make" or "buy" decisions
Preparing a procurement plan
- Setting contract objectives and statement of work
- Creating the communications plan
- Developing the contract approach
Qualifying potential vendors
- Gathering market intelligence
- Analyzing capabilities against specified criteria
- Narrowing the field of suppliers
Leveraging communication for "win-win"
- Addressing the conflicting needs of buyers and sellers
- Selecting efficient methods for obtaining information
Optimizing Vendor Selection
Soliciting vendor submissions
- Reviewing key components
- Processing and disseminating the request
Refining criteria for evaluation
- Applying PMBOK® Guide and other best practices
- Employing analytic and heuristics tools and techniques
Assessing submissions
- Establishing review processes
- Evaluating vendor services and products
- Visiting vendor sites for optimum effect
- Performing due diligence of vendor choices
- Handling a "no bid" scenario
Negotiating Favorable Results
Employing principles and tools
- Selecting a suitable negotiation model
- Creating an effective plan
Addressing tactical considerations
- Anticipating the seller's strategy
- Preparing the buyer's strategy
Influencing negotiation
- Orchestrating roles and expectations
- Leveraging the environment for successful outcome
Finalizing the contract terms
- Drafting the document
- Applying change in a controlled manner
- Obtaining stakeholder signature approval
Executing the Contract
Administering the contract
- Buyer versus seller perspectives
- Project manager role during implementation
Applying contract administration tools
- Performance reviews
- Inspections audits
- Payment systems claims
- Administration reports
Coordinating multiple contracts
- Integrating with the project
- Assessing the impact within the organization
Managing issues
- Conducting impact analyses
- Identifying, assessing and mitigating risk
Managing change
- Implementing change control procedures
- Responding to exception conditions
- Modifying contracts based upon change requests
Closing the Contract
Completing terms and conditions
- Verifying scope delivery
- Transferring service into operational control
- Authorizing final payment to vendor
Ongoing support and maintenance
- Service Level Agreements, warranties and guarantees
- Managing updates and upgrades
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