Commercial Law and Project Procurement

Catalog description

A problem-based course that addresses elements of commercial law and procurement practices and their implications for project management. MANGT 525 Commercial and Procurement (3) Project management has been labeled by Fortune magazine as the number one career choice for the coming decade. Increasingly, organizations are adopting project management techniques and structures within their business framework. Project management offers the twin advantages of allowing organizations to create products and processes efficiently, through optimal use of resources, and rapidly, in order to respond to rapid time-to-market demands. This course looks at the key issues in contracts, contract law, negotiation, and procurement. In developing projects for external clients, it is vital that organizations and project team members understand some of the basics by which contracts are negotiated and enforced. The role of the instructor in this course is to promote student learning of a wide variety of knowledge and skills required for successful project management. These include the nature of contracts and contract law, the use of contracts as a procurement strategy, how to understand the nature of contracts, their use as a negotiation tool, and the use of bidding and negotiation in relationships between project organizations and their customer base.