In this course, you will learn the skills needed to effectively manage vendors. Through hands-on exercises, you'll develop an integrated understanding of how vendors are chosen, motivated and managed. During this course you will be introduced to the procurement life cycle and the three pillars of successful vendor management: commitments, relationships, and metrics. Commitments refer to the exchange of obligations in the form of agreements, contracts, and statements of work. Relationships refer to the management of interactions between buyer and seller, starting from governance protocols to the negotiations of change. Metrics refer to the data that is collected during the execution of a procurement project and used to gauge performance. You will learn how to design metrics that will motivate the desired behavior and maximize value.
