Effective Contract Management Training
What can effective contract management training do for you? First and foremost, it will help you attain the critical tools and techniques you need to be a successful contract manager and stand out from the competition. Second, you will gain cutting-edge knowledge you can put to work immediately at your job and you’ll have a valuable new credential to include on your résumé. Third, you’ll be more likely to be among the top candidates to be considered for advancement within your company, as well as when you interview for a new job. Lastly, your new credentials can boost your professional value, as well as provide you with more job security and satisfaction.
The Importance of Contract Management Training
In today’s increasingly competitive and fast-paced business environment, contract management plays a vital role in every organization. For example, a recent report to Congress from the National Archives and Records Administration’s Office of Inspector General listed contract management and administration as one of the top 10 most significant challenges the agency faces. The report states, "NARA is challenged to continue strengthening the acquisition workforce and improve the management and oversight of federal contractors." With effective contract management training, government and commercial organizations alike can benefit from this vital discipline that is employed by both buyers and sellers who must manage customer and supplier expectations and relationships, control risk and cost, and contribute to organizational profitability and success.
Contract Management Facts
Contract management is a critical part of the business process. If not properly executed, it can cost an organization dearly. For example, Congress Daily reports that the acting Pentagon inspector found billions of dollars of waste from excessive prices, unjustified expenses, fraud and criminal activity in military contracts, largely due to an understaffed, poorly trained contracting workforce coping with explosive growth in spending. With effective contract management training, this large amount of wasted taxpayer dollars could have been averted. A recent News Blaze article cited the following compelling contract management statistics:
- 60-80% of business transactions are governed by contracts or agreements. – Gartner Research
- Most organizations have 20,000-40,000 contracts. – Price Waterhouse Coopers
- More than 10% of all executed contracts are lost. – Faulkner Information Services
- On average, it takes 3.4 weeks to draft and approve contracts.
– Forrester Research
- Poor contract management cost the City of New Orleans $4 million on a single project – result of investigation by the Inspector General
Top Three Critical Contract Management Skills
The most successful contract managers have advanced expertise in three main areas: technical, conceptual and human relations. The National Contract Management Association (NCMA) describes what these skills are and how they are utilized, as follows:
- Technical skills are demonstrated by competently performing the tasks required, such as preparing and issuing solicitations, preparing bids and proposals, preparing or analyzing terms and conditions, or analyzing procurement requirements and supplier capabilities. Training for these skills can be accomplished in degree, certificate, professional continuing education, or specialized programs.
- Conceptual skills relate to the manner in which the contract manager visualizes the contract’s organization in terms of the agency’s or company’s goals. These skills involve the ability to see and use the "big picture" for greater organizational and personal success.
- Human relations skills focus on the "people" aspect of contract management. Effective performance requires the cooperation of many others over whom the contract manager has little or no organizational control. Dealing with government and contractor representatives from a diverse range of disciplines requires strong relational and communication skills. Many contract managers consider competency in human relations to be the most important skill for the future of their jobs and careers.
Can Effective Contract Management Training Make a Difference?
As a contract manager, you can enhance your expertise and develop your skills by attaining valuable professional education. Effective contract management training does more than give you the knowledge and resources you need to be a successful contract manager. It also sets you apart from your peers and distinguishes you as a better candidate for promotions and/or employment. With effective contract management training, you’ll also have more opportunities to increase your salary.
How Much Do Contract Managers Make?
The average income for professional contract managers is $102,000 per year according to the National Contract Management Association’s 2008 Contract Management Salary Survey. Those with certification and/or security clearance make even more. For example, this survey also revealed that contract managers with CPCM certification can increase their annual salary by an average of $28,000 compared to their non-certified counterparts. Consider these job titles and average salaries for a variety of contract management jobs:
|Job Title||Average Salary|
|Program Manager Federal Contract||$112,000|
|Project Manager Contract||$103,000|
|Senior Project Manager Contract||$91,000|
|Government Contract Compliance Manager||$89,000|
|Senior Contract Manager||$85,000|
|In USD as of Nov 16, 2009, according to www.Indeed.com.|
Where Do You Find Effective Contract Management Training?
When it comes to contract management training, it’s important to realize that not all programs are created equal. As you seek out the most effective contract management training programs available, you should consider those offered by traditional, nationally recognized, regionally accredited universities and colleges that have a reputation for high-quality content and curricula. Due to the convenience and flexibility you may want to find an online program with simple functionality, streaming video lectures, various ways to communicate with your professor and fellow classmates and no mandatory log-in times. With Villanova University you can receive all of these benefits and your search can be over. Villanova’s Master Certificate in Contract Management programs provide the effective contract management training program you want from a prestigious university you know and trust – 100% online.
Become a Contract Management Expert
No other discipline is more important in reducing administrative costs, providing tighter accountability, improving forecasting and ensuring happier customers. And no university helps you master the concepts and best practices of contract management like top-ranked Villanova University. A Master Certificate in Government or Commercial Contract Management allows professionals to gain the tools and techniques to manage contract initiatives that result in:
- Improved negotiation skills that impact the bottom line
- Increased quality, delivery and performance expectations of contracts
- Better definition and fulfillment of critical contractual obligations
- Reduced administrative costs, tighter accountability, improved forecasting and happier customers.
- Decreased threat of litigation
Distinguish Yourself With NCMA Certification
Aligned with the NCMA Contract Management Body of Knowledge, Villanova offers effective contract management training for current and future contract managers. Whether you choose to earn your Master Certificate in Government Contract Management or the Master Certificate in Commercial Contract Management, you’ll benefit from the comprehensive online curriculum that provides an in-depth understanding of the latest concepts, methods and practices of contract law, federal and commercial law, procurement processes and best practices. You will also gain the real-world knowledge and in-demand skills you need for negotiating, decision-making and managing the complete contracting process, as you prepare for these NCMA certification exams:
- Certified Federal Contracts Manager (CFCM)
- Certified Commercial Contracts Manager (CCCM)
- Certified Professional Contracts Manager (CPCM)
Perhaps one of the greatest benefits of all, Villanova’s contract management master certificates prepare you for these industry certifications, which can boost your income by 56% over your non-certified peers, according to the National Contract Management Association (NCMA) Salary Survey.
For more information about Villanova’s contract management certificate programs, request more info below!