Project Work Domain: Get the Job Done | Summary and Q&A

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July 6, 2022
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Online PM Courses - Mike Clayton
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Project Work Domain: Get the Job Done

TL;DR

Project work encompasses managing processes, physical resources, and fostering a learning environment.

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Questions & Answers

Q: Why is commercial acumen important in project management?

Commercial acumen helps project managers make informed decisions in procurement, negotiate contracts, manage commercial relationships, and ensure value for money.

Q: How can project managers develop their commercial acumen?

Project managers can develop commercial acumen by seeking out education and experiences in procurement, negotiation, contracts, and commercial management. They should also reflect on their experiences and continuously learn from them.

Q: Why should project managers be involved in contract negotiations?

Project managers should be involved in contract negotiations to ensure that the contract aligns with project goals and requirements. They can contribute their expertise and advocate for the project's best interests.

Q: What is the process of negotiation?

The negotiation process involves preparation, opening, bargaining, and closing stages. Following this process allows project managers to achieve successful negotiations and reach mutually beneficial agreements.

Summary & Key Takeaways

  • Project work involves establishing processes, managing physical resources, and fostering a learning environment.

  • The PMBOK Guide defines project work as the functions and activities associated with delivering the project's scope and quality.

  • Commercial acumen is an essential aspect of project work, involving financial and process expertise in buying and selling.

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