Commercial Planning and Project Management
Discuss about the Commercial Complexity and Entrepreneurial Finance.
Communicating throughout negotiation is required off mixed skills which include of soft skills, people skills, generic skills and interpersonal skills. The unit is focused on the elements of negotiation and conflict, communication of leadership, argument, emotional intelligence into tangible commercial as well as legal attributes of the commercial project negotiation processes. Methods of the negotiation as well as conflict management into the projects are comprised of technological as well as asset lifecycle which are explored to get stakeholder commitments. Negotiation is referred to process to interact for advance of individuals’ interests. Successful practitioners are applied of analytical as well as interpersonal skills which are examined in this course.
In week 1, the learning outcome is discussed on commercial planning and commercial project. It also provides the information on role of commercial planning and commercial project management into project, program and portfolio hierarchy. The commercial project manager is coordinated of efforts into various project team members. The commercial project manager defines the project goals (Kerzner 2013). Defining of project goals has significant step as it helps to coordinate the project activities.
A commercial plan helps to launch of new product into the market. The companies are developed of plans to make sure that the operations are handled distribution as well as feedback from the customers. The commercial plan is included of strategic management and planning when there is launching of products (PMI 2013). The companies are used of commercial plan to create of smooth product roll-out when there is release of products into the market.
This unit course discusses the methods of the project negotiation, conflict management as well as stakeholder engagement across the project which consists of various technology standards along with asset lifecycles (Pena-Mora and Tamaki 2001). The objective of this week is to ensure of application of fundamentals of philosophical basis in addition to methods of negotiation. The negotiation theory is decision analysis, negotiation analysis as well as behavioral decision making.
Negotiation theory and practice is offered of introduction to theoretic as well as practical issues into the negotiation. The theory which is outlined into Alfredson T., & Cungu A., 2008 paper is matched with the concept of negotiation in this particular unit. Negotiation is such a method which is compromised and agreement while it is avoided of argument as well as disputes (Alfredson and Cungu 2008).
Theory of Negotiation and Negotiation in Practice
In week 2, the learning outcome is discussed on role of project manager into the commercial projects. The manager can identify and implement of business opportunities, manages the operations, cost, negotiates the contracts and enhance adherence to the applicable laws, and marketing of commercial projects. The manager identifies investment opportunities when working into real estate firm to determine investment into projects (Walker and Lloyd-Walker 2015). The manager also leads of planning, establishment of project schedule and setting of project objectives.
The manager has negotiation skills to secure of profitable deals with the contractors. The manager negotiates with the financial officials to make sure of the financial terms for meeting with company’s interests. A good project manager has capability to build across the team of contract negotiators (Ury and Fisher 2012). They can also lead to time as well as extension of cost.
In week 4, the learning unit is based on commercial and political interests of the stakeholders through the project life cycle which is critical to project success. The stakeholder engagement into a project is integral to the project success (Turner 2016). Treating the stakeholders is recipe for the project failure. The conceptual framework to classify and develop of stakeholders is required. The stakeholder taxonomy has value to identify as well as validate role of stakeholder’s in requirement elicitation, help to make sure that key viewpoints are not missed, and reduce of risk of instability as well as failure throughout the project development (Muller 2017).
The stakeholder engagement is process by which the organization is involved of people those are not affected by decisions it is making and influencing the implementation off decisions. The stakeholders should be involved into decision making processes those are not confined to social responsibility processes (Nicholas and Steyn 2017).
In week 5, the learning unit is based communication into commercial negotiation which is nothing but a process among the individual to reach the project alternatives. An effective communication is directly proportional to the effective negotiation. Communication is such an art in different types of negotiation. The people should require being skilled into negotiation tactics and they must understand communication throughout the negotiation processes. In the communicational channel, throughout project negotiations, non-verbal communication is important (Liu and Cheah 2014). Verbal communication is also important when the negotiators are aimed to follow negotiation rules.
Brainstorming solution is best for exchange of negotiation decisions which creates of main points that is made during the verbal exchange of negotiations. There are certain power which is used into negotiation strategies and have impact on effective communication throughout the exchange.
Role of Project Manager in Commercial Projects
In week 6, the learning week is based on commercial conflict which describes the conflict that is taken place among the organization in certain situations. Most of people are involved into commercial conflicts as interested parties with little control when it happens to work for one of the companies are involved. Because of commercial forms are free to contract with particular firm, therefore commercial conflicts are raised between the firms which are kind of contractual and working relationships (Scott, Scott and Link 2017). The commercial agreements are reached with little and no trust when the parties are interested favour with the deal.
Establishment of trust is critical to achieve of success into project negotiation, as the negotiators are involved in risk level. Trust is elusive into higher stress, higher stakes conditions at the time of negotiating with the strangers, facing of deadlines and hammering the unenforceable contracts. The first step to inspire of trust is demonstration of trustworthiness.
In week 7, the learning outcome is based on suggesting and discussing the disputes with respect to the variations where the technical disputes are related to variation which are resolved throughout the course. The contract variations are sources of disputes among the principles and owners as well as contractors. Throughout project execution, various issues are raised that are not resolved among the participants. The issues are involved of contractor request time extension. The requests by contractor are referred to as claim. The claims are raised due to owner and contractor (Martinsuo and Killen 2014). It is accountable for defects into the contract documents. It caused delay into release of areas as per the contract.
In order to avoid the dispute, the builder can price of variations related to the modifications which are required to be obtained. The projects which are complex are resulted into complex contract documents (Kendrick 2015). Claims are considered as legitimate requests to achieve of contractual milestone which is accounted for change to contract.
The private organization is required throughout funds to the financial procurement activities and meets with the operational goals. It can source the suppliers as well as award of conflicts without bidding processes. The private organizations are profit oriented and focused on increasing the returns for the company’s owner as well as shareholders. The public organizations are shared of procurement information such as the suppliers with the reliable services (McNiff 2016). The private as well as government organization are shared of objective to get value for the money into the procurement activities. It is focused on purchasing of goods, services at right prices and engaged into cost reduction negotiations.
Managing Stakeholders’ Commercial Interests vs. Stakeholders’ Political Interests
The organizations into public as well as private sectors are served the public, but the public entities are served the public throughout provision of free and low cost services. The governmental sector is constrained by regulations. The public procurement is being defined as well as constrained by the legislations. It leads to local, regional as well as national level. The public sector is complex motivations as well as objectives.
In week 9, the learning outcomes is based on people those are relied on basic elements of the project management such as planning, scheduling as well as organizing of the project activities. PMBOK is described of project management framework as the structure to understand the project management. PRINCE2 is focused to define as well as deliver the products to meet the project requirements (Farshidi et al. 2018). It is focused to divide the tasks than to produce the product. This project management framework is concerned with planning stage of this project which is focused to define the requirements of product upfront to limit change down the line.
The selected project management framework is used for controlling the cost in environment where there is cost overrun which seeks to slow down. The professions are contributed to theory as well as practice of the project management. The initial goal is to establish of organization where the members are able to share of experiences into the project management (Geiger 2017). Project management institute is formed to serve of interests of the project management industry.
In week 10, the learning outcome is based on contractual arrangements to build of the project related work. The paper is considered contracts from the organizational perspectives, compared with the major forms of the contracts which are available to build the project and examine the factors which influence the selection (Kerzner 2013). The contractual arrangements are indicated that it establishes of various patterns of responsibilities as well as relationships among the clients and parties those are involved into building of projects.
The contractual arrangements are the written mutual agreements, among two or more parties which are done by others. The types of contract which are used into the commercial project are procurement contracts, goods as well as services contracts (Nicholas and Steyn 2017). The governments are entered into the agreements with other parties to provide of goods as well as services for management into public organization.
In week 11, the learning outcome is based on art of negotiation with practice of commercial negotiation. Negotiation is part of life, but the business is critical to the success. Poor negotiation can cripple of the company to loss the customers. The argument is considered as valid argument with true premises and the logic is concerned with validity of reasoning (Turner 2016). Ethics are determined as the moral principles which can govern the behaviour of person and conduct of ethical activities. good at argument as it exhibits of talents to bring the project team together as well as help the organization to reach the project goals (Scott, Scott and Link 2017). The project management helps to widen scope of types of the project for managing and wide range of various project related work.
Conclusion
The project management studies are different at various units of the project management. The commercial project negotiation is required for this particular unit as it is included of leadership as well as direction of project. This course is a study to interact and communicate with help off negotiation; it is included of development of different skills such as people skills, soft skills, as well as interpersonal skills. The unit is included off basic elements of conflict as well as compromise of leadership interaction, arguments as well as emotional intelligence. Therefore, this particular course unit is familiarized with the participants into commercial negotiation.
References
Alfredson T., and Cungu A. 2008. Negotiation Theory and Practice https://www.fao.org/docs/up/easypol/550/4-5_negotiation_background_paper_179en.pdf;
Farshidi, S., Jansen, S., de Jong, R. and Brinkkemper, S., 2018. Multiple Criteria Decision Support in Requirements Negotiation.
Geiger, I., 2017. A model of negotiation issue–based tactics in business-to-business sales negotiations. Industrial Marketing Management, 64, pp.91-106.
Kendrick, T., 2015. Identifying and managing project risk: essential tools for failure-proofing your project. AMACOM Div American Mgmt Assn.
Kerzner H. 2013.Project Management: A Systems Approach to Planning, Scheduling, and Control, 11th Edition. Hoboken, USA: John Wiley & Sons.
Liu, J., Yu, X. and Cheah, C.Y.J., 2014. Evaluation of restrictive competition in PPP projects using real option approach. International journal of project management, 32(3), pp.473-481.
Martinsuo, M. and Killen, C.P., 2014. Value management in project portfolios: Identifying and assessing strategic value. Project Management Journal, 45(5), pp.56-70.
McNiff, J., 2016. You and your action research project. Routledge.
Muller, R., 2017. Project governance. Routledge.
Nicholas, J.M. and Steyn, H., 2017. Project management for engineering, business and technology. Taylor & Francis.
Pena-Mora F., and Tamaki T. 2001. “Effect of Delivery Systems on Collaborative Negotiations for Large -Scale Infrastructure Projects”. Journal of Management in Engineering. Vol:April 2001 pp.105-121
PMI. 2013a.A Guide to the Project Management Body of Knowledge (PMBOK Guide) 5th Edition. USA: Project Management Institute.
Scott, T.J., Scott, J.T. and Link, A.N., 2017. Commercial complexity and entrepreneurial finance. Economics of Innovation and New Technology, 26(5), pp.489-500.
Turner, R., 2016. Gower handbook of project management. Routledge.
Ury W., and Fisher R. 2012. Getting to YES: Negotiating an agreement without giving in. Penguin Random House Australia
Walker D.H.T., and Lloyd-Walker B.M. 2015. Theory and Practice Collaborative Project Procurement Arrangements. PMI Published Research.
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