Boost Efficiency with Project Pipeline Management in Vendor Negotiations

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hello friends my name is ramasu today we shall discuss about a topic that what is negotiation in project management friend today's topic is very very interesting especially if you have interest in project management or you are planning to give exam of pmp near future so let's start friend first of all i will request to please subscribe to my youtube channel and click on the bell option as well so that many videos can reach to you friend negotiation skills for project manager are crucial and improving them will set the foundation for a successful project project managers hold different roles at the same time like leaders intermediaries delegators and even negotiators now what is basically negotiation in project negotiation is a process consisting of the activities necessary to resolve different types of disputes through consultations between the parties involved in order to reach a consensus negotiation can take place at any time in the project life cycle and may be formal or non-formal formal negotiations implies an agreement through contracts and formal documents while informal negotiations include debates to resolve a conflict between team members for instance in project management the negotiation process is divided into phases and include planning the preparation of all relevant information necessary for discussion debate here the key issues are examined and discussed proposal the creation of the proposal as a way of solving the problem presented revision this can include negotiating compromises before an agreement is formalized and before the information is shared throughout the organization now why negotiation is important for project managers friend there are some situations where negotiation skills play a key role in the success of a project cases in which the project manager is engaged in strategic negotiations with suppliers of goods and tools necessary for the execution of the project is engaged in negotiating with potential investor in a new project is engaged in negotiations with the stakeholders regarding a substantial change in the project ultimately negotiation skills enable project managers to achieve stronger relationships with stakeholders better relationships with clients and in general a more positive working environment negotiating skills can also be a useful strategy for dealing with conflicts on a project while it is almost impossible to avoid conflict entirely being able to negotiate the way around it is a useful skill in the most serious situations conflict can also halt a project improving project managers negotiation skills are very important there are five tips that can be helpful to improve project managers negotiation skills first one practice the very first thing to do as happens is on all things is the practice a lot probably everyone negotiates negotiating more than they think both in their professional life and in their private life it is therefore important to be aware of these negotiation skills and situations to analyze how you approach and deal with the movement how you feel and what could be improved for the next time next thing preparation it is important to spend some effort on preparation for negotiation if a project manager knows they are meeting a supplier for example they should think in advance about what they want to achieve from this agreement and explore potential alternatives this way you will engage in the discussion more confidently and know in advance what you want to achieve however it is important to remember to remain reception to other people's points of view as well it is not a negotiation if you refuse to change your standpoint and force the other person to accept your ideas then manage your emotions conflict situations and negotiations often expose the worst in people it is therefore important for the project manager to be prepared for how they will react in a potentially difficult and perhaps embracing conversation then take your time negotiations can take a long time and be running on a continuous basis it is unlikely that in a single meeting everything will be discussed and resolved for large projects multiple meetings could be held to ensure that everything is documented effectively and to the satisfaction of both parties and even when the agreement is concluded the project manager may find himself negotiating more precise details or new terms to move the project in the right direction then listen when preparing for a negotiation you need to try your best to think about what you want to say how to say it how to reply to what you think the other person will say simply put a project manager must also be ready to listen listening will help you identify the other party's weaknesses and help you really understand what others want when you listen actively you are more likely to formalize formulate answers that other person finds acceptable ultimately negotiation is an excellent project management tool and is critical to getting the best out of any situation negotiation goes beyond reducing or increasing the price of an offer and is necessary tool in the daily activities of the project manager like all soft skills knowing how to hold engaging conversations that translate into good results for both parties is something that can always be improved over time with the right knowledge structures and techniques any project manager will be able to approach negotiations knowing how best to target the project and the organization in general negotiation is a process that involves activities needed to resolve different kinds of dispute by conducting consultations between the involved parties to reach a consensus negotiations can happen at any time within the project management life cycle and it can be either formal or non-formal a formal negotiations involve issues regarding agreeing with contracts while information negotiations include discussions to resolve a conflict between team members so friend thank you thanks a lot for watching the video i hope you like this video if you like it please share it with your friends and colleagues and thanks a lot for watching the video thank you friends