Advanced Contracts and Project Management Strategies

Introduction:

Companies are increasingly striving to reduce project costs and timelines due to the competitive pressures of globalization, presenting challenges for established suppliers and contractors. Contracts are essential for projects, outlining the responsibilities and liabilities of the parties involved. Once in place, it becomes crucial to execute project objectives within the set timelines, especially when faced with tight schedules.

The Advanced Contracts and Project Management Strategies program, spearheaded by the Academic Exchange Institute (AEI), offers practical guidance on drafting, executing, and managing contracts and projects. The course integrates advanced contract management concepts and risk analysis with project management strategies to help participants seize opportunities, enhance efficiency, and maximize profits.

The final segment of the program, an Advanced Project Management Seminar, reinforces the application of techniques covered during the course. This seminar aims to consolidate knowledge and encourage practical implementation of advanced project and contract management principles.

Objectives:

By the end of this advanced contracts and project management strategies course, participants will:

• Understand fundamental principles and terminology of contract law.
• Identify various types of contracts applicable in business.
• Achieve business goals without obstructing effective contract performance.
• Identify and manage risks while understanding business and program-related factors.
• Reduce risk exposure using checklists, filing systems, and document standardization.
• Identify and state different project procurement methods.
• Recognize how schedule changes and variations lead to commercial losses.
• Perform efficient cash flow forecasting and evaluation.
• Utilize sophisticated scheduling methods.
• Develop effective project control systems.
• Take corrective and preventive actions on projects.
• Adopt optimal dispute resolution techniques to avoid premature escalation.
• Enhance management skills for handling contracts and projects.

Training Methodology:

• Interactive discussions
• Problem-based learning
• Coordinated activities
• Panel discussions
• Problem-solving games

Course Outline:

Unit 1: The Basis of Contracting

• Baseline requirements for every contract.
• Contract formation and key elements.
• Managing the bidding process.
• Understanding obligations, surety, and security insurances.
• Recognizing when legal assistance is required.
• Developing contract administration strategies.

Unit 2: Risks and Contract Structure Selection

• Identifying, distributing, and managing risks.
• Choosing appropriate contract types (Fixed Price, EPC, BOT/BOOT, etc.).
• Integrating risk assessment and warranty provisions.

Unit 3: Managing Contract Performance

• Handling performance issues in contracts.
• Managing damage recovery, budgeting, and feedback.
• Closing contracts and dealing with discontinuation.

Unit 4: Managing Change Within a Contract

• Reviewing changes in scope, schedule, and working methods.
• Controlling risks associated with unmonitored changes.
• Developing templates and standardizing documents.

Unit 5: Settlement of Disputes

• Preventing and resolving contract disputes.
• Implementing effective negotiation techniques.
• Exploring alternative dispute resolution methods.

Unit 6: Project Management

• Understanding the purpose of project management.
• Appointing a project manager and assessing stakeholder interests.
• Managing stakeholders throughout the project lifecycle.

Unit 7: Planning

• Scheduling and planning methods.
• Resource allocation techniques.
• Network analysis and critical chain scheduling.

Unit 8: Proactive Project Risk Management

• Assessing risks and uncertainties.
• Managing risks based on their probability and consequences.

Unit 9: Executing

• Applying Lean construction principles.
• Building and motivating teams.
• Navigating conflicts with effective leadership.

Unit 10: Monitoring and Control

• Measuring performance using earned value.
• Implementing risk responses and project closure strategies.