Modified on: Fri, 3 Feb, 2023 at 12:07 PM
Commitment management is an advanced method through which an organization applies quality principles to business terms, policies, practices, and processes to drive improvement in negotiation, contract performance, and governance standards. It is a systematic way of ensuring that business requirements and capabilities are aligned with formal commitments to ensure that opportunity selection is optimized, and business relationships are fulfilled as agreed.
Commercial management is the discipline that both informs and implements business strategy and policies. It informs in the context of testing and aligning market requirements with organizational capability. It implements through ensuring effective and efficient operational procedures that establish and maintain those capabilities. In going to market, any product or service must be supported by performance commitments that are relevant to its customers and consumers. Those commitments may be specific to the product or service (for example, price, delivery, maintenance, and support) or generic to the organization (for example, brand values, ethical standards, or regulatory compliance). Commercial management is the process through which required performance commitments are gathered, assessed, and reconciled, taking account of the needs and interests of all relevant stakeholders and ensuring their affordability and sustainability.
A commercial manager is someone whose primary role is in the management or execution of such opportunities or projects.
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