Commercial Management

Commercial Management: theory and practice defines the role of commercial management within project-oriented organisations, providing a framework for and helping to develop a critical understanding of the factors that influence commercial management practice. It also identifies generic aspects of this practice and provides a theoretical foundation to these activities, by reference to existing and emergent theories and concepts, as well as to relevant management best practice. The book is structured into four parts: Part 1 Introduction Commercial Management in Project Environments explores the nature of commercial practice within project-oriented organisations at the buyer-seller interface. It presents a Commercial Management framework, which illustrates the multiple interactions and connections between the purchaser s procurement cycle and a supplier s bidding and implementation cycles. Additionally, it outlines the principle activities undertaken by the commercial function, identifies the skills and abilities that support these activities and reviews the theories and concepts that underpin commercial practice. Finally, it identifies areas of commonality of practice with other functions found within project-oriented organisations, plus sources of potential conflict and misunderstanding. Part 2 Elements of Commercial Theory and Practice covers commercial leadership; exploring strategy; risk and uncertainty management; financial decision-making; and key legal issues. Part 3 Approaches to Commercial Practice addresses best practice management; and commercial and contracting strategies and tactics. Finally, Part 4 Case Studies offers two extended case studies: Football Stadia (the Millennium Stadium, Cardiff; the Emirates Stadium, Islington; and Wembley Stadium, London); and Heathrow Terminal 5. The book provides a one-stop-shop to the many topics that underpin commercial management practice from both a demand (buy-side) and a supply (sell-side) perspective. It will help develop an understanding of the issues influencing commercial management: leadership, strategy, risk, financial, legal, best practice management and commercial and contracting strategy and tactics. This book s companion website is at wiley.com/go/lowecommercialmanagement and offers invaluable resources for both students and lecturers: PowerPoint slides for lecturers on each chapter Sample exam questions for students to practice Weblinks to key journals and relevant professional bodies

Commercial Management: theory and practice defines therole of commercial management within project-orientedorganisations, providing a framework for and helping to develop acritical understanding of the factors that influence commercialmanagement practice. It also identifies generic aspects of thispractice and provides a theoretical foundation to these activities,by reference to existing and emergent theories and concepts, aswell as to relevant management best practice.The book is structured into four parts: Part 1 Introduction- Commercial Management in Project Environments exploresthe nature of commercial practice within project-orientedorganisations at the buyer-seller interface. It presents aCommercial Management framework, which illustrates the multipleinteractions and connections between the purchaser'sprocurement cycle and a supplier's bidding and implementationcycles. Additionally, it outlines the principle activitiesundertaken by the commercial function, identifies the skills andabilities that support these activities and reviews the theoriesand concepts that underpin commercial practice. Finally, itidentifies areas of commonality of practice with other functionsfound within project-oriented organisations, plus sources ofpotential conflict and misunderstanding.Part 2 - Elements of Commercial Theory and Practicecovers commercial leadership; exploring strategy; risk anduncertainty management; financial decision-making; and key legalissues. Part 3 - Approaches to Commercial Practiceaddresses best practice management; and commercial and contractingstrategies and tactics. Finally, Part 4 - CaseStudies offers two extended case studies: Football Stadia (theMillennium Stadium, Cardiff; the Emirates Stadium, Islington; andWembley Stadium, London); and Heathrow Terminal 5.The book provides a one-stop-shop to the many topics thatunderpin commercial management practice from both a demand(buy-side) and a supply (sell-side) perspective. It will helpdevelop an understanding of the issues influencing commercialmanagement: leadership, strategy, risk, financial, legal, bestpractice management and commercial and contracting strategy andtactics.This book's companion website is at wiley.com/go/lowecommercialmanagementand offers invaluable resources for both students andlecturers:* PowerPoint slides for lecturers on each chapter* Sample exam questions for students to practice* Weblinks to key journals and relevant professionalbodies

About the Author viiAbout the Contributors viiiAcknowledgements xPreface xiiAbbreviations xivPart 1: Introduction 1Introduction: Commercial Management 31. Commercial Management in Project-Oriented Organisations 23Part 2: Elements of Commercial Practice and Theory 772. Commercial Leadership 79Maria-Christina Stafylarakis3. Exploring Strategy 96Irene Roele4. Perspectives on Managing Risk and Uncertainty 108Eunice Maytorena5. Financial Decisions 132Anne Stafford6. L egal Issues in Contracting 173David Lowe and Edward DaviesPart 3: Approaches to Commercial Practice 2377. Best-Practice Management 2398. Commercial Strategies and Tactics 288Part A: Intent 296Part B: Deal Creation 332Part C: Execution 359Part 4: Case Studies 379Case Study A: Football Stadia 381Case Study B: Terminal 5 (T5) Heathrow 455Index 492