PAE 3: PROJECT MANAGEMENT SKILLS (PART 2) Flashcards
is an important task in finalizing any transaction.
CONTRACT MANAGEMENT
It minimizes risk, protects both companies' interests, and can be a good resource in decision-
making and resolving disputes.
CONTRACT MANAGEMENT
is the process of
managing agreements, from their creation to
their execution by the chosen party and the
eventual termination of the contract.
CONTRACT MANAGEMENT
refers tothe systematic process of overseeing and managing agreements between a government agency and external vendors, contractors, or service providers, ensuring compliance with legal regulations, proper procurement procedures, and the delivery of quality services at the best possible value for taxpayers throughout the entire contract lifecycle, from initiation to termination.
CONTRACT MANAGEMENT
10 Skills required for contract management
- Understanding contract terms and conditions
- Negotiation tactics and planning
- Soft skills such as influencing and persuasion
- Risk management
- Financial analysis
- Handling conflicts and dispute resolution
- Managing internal stakeholders
- Understanding contract law
- Creating a performance framework for suppliers
- Relationship management
refers tothe process of predicting
the time, cost, and resources needed to
complete a project by evaluating its scope,
tasks, and potential risks, essentially forecasting
how long and how much a project will take to
deliver.
ESTIMATION
refers tothe process of
approximating or calculating a likely future value
or outcome based on available data and
analysis, often used to predict the costs,
benefits, or impacts of a proposed policy or
program before full implementation, allowing for
informed decision-making.
ESTIMATION
estimation:Breaking down a project into smaller tasks and estimating each
individually, then summing up for the total.
BOTTOM-UP ESTIMATION
Starting with a high-level deadline and estimating resources and
costs based on that.
TOP-DOWN ESTIMATION
Using data from similar past projects to estimate the current project.
ANALOGOUS ESTIMATION
refers tothe process of
identifying and resolving issues that arise during
a project, which is a critical skill for project
managers to navigate challenges, maintain
project timelines, and achieve desired outcomes
by analyzing root causes and implementing
effective solutions.
PROBLEM-SOLVING
refers tothe process of
identifying, analyzing, and implementing solutions to complex challenges faced by government agencies, requiring public
administrators to use critical thinking, data analysis, collaboration, and ethical considerations to develop effective strategies
PROBLEM-SOLVING
