Last updated 6/2022MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHzLanguage: English | Size: 297.47 MB | Duration: 0h 46m

Contract Management, Outsourcing, and Supplier Relationships Explained by Psychology and Economics

What you'll learn
Establish foundational knowledge of contracts and outsourcing by relying on classical economic theories
Explain the Rational Choice Theory and Bounded Rationality and how they affert our decision-making
Introduce Transactional Cost Economics and Incomplete Contracts and suggest practical ways to overcome the Hold-up Problem and make outsourcing decisions.

Explain the spectrum of outourcing and contractual relationships, types of contracts, and evolution of relational contracting
Show how formal and relational contracts coexist and add value to each other
Discuss parties' expectations under outsourcing contracts
Set the basis for further professional development in contract management, outsourcing, and Supplier Relationship Management (SRM)
Provide the visual and practical view of outsourcing strategy
Requirements
Basic undersdanding of contracts and outsourcing
Awareness of basic rules and attributes of economic relationships
Description
This course equally suits newcomers to the profession and highly-skilled experts who need to develop core competencies in contract management, outsourcing, and vendor relationships. It's not yet about drafting, authoring, or negotiating contracts. It provides compulsory basic knowledge of ground economic and psychological theories that explain how buyers and sellers manage relationships to achieve economies of scale and streamline business processes. Our course explains the benefits of outsourcing as a blend of decision-making, heuristics, incomplete contracts, relationships, and trust. We will wear our BPO vendor's shoes to understand their business objectives and risk-mitigation techniques incorporated into different types of contracts.We will leverage Behavioral Economics - an elegant synthesis of psychological, cognitive, emotional, and cultural aspects that explain the human side of service delivery. It applies to procurement, vendor management, and outsourcing business.With the help of Rational Choice Theory, Bounded Rationality, Transactional Cost Theory, Agency Theory, and Incomplete Contracts, this course will tell you a story of business needs, relational norms, and mutual dependence in the modern world of opportunism and irrationality. We will teach ways to apply conscious outsourcing decisions and develop trust-based relations with our contractors.We will promote back-office functions as creators of business value and relationship capital.We will synthesize all course materials into a multi-dimensional outsourcing strategy for our students to test and apply in practice.

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: Behavioral Economics

Lecture 2 Rational Choice Theory

Lecture 3 Practical Excercise in Rational Decision-Making

Lecture 4 Bounded Rationality Theory

Lecture 5 What is Satisficing

Lecture 6 Heuristics in Real Life

Lecture 7 Decision-Making Under Stress

Section 3: Transactional Cost Economics and Incomplete Contracts

Lecture 8 TCE and Incomplete Contract Theory

Lecture 9 Outsourcing decisions explained by the TCE

Lecture 10 Practical case: The Way to Resolve Hold-up Problem

Section 4: Formal and Relational Contracts. Success factors of outsourcing relationships.

Lecture 11 A Theory of Social Contracts by Ian Macneil

Lecture 12 The Agency Theory

Lecture 13 Types of Contracts

Lecture 14 The Evolution of Relational Contracting

Lecture 15 Outsourcing services and applicable contract types

Lecture 16 The Co-existence of Formal and Relational Contracts

Lecture 17 Contracting Parties' Expectations under the Relational Contract

Lecture 18 The Practical Treatment of Relational Contracts by English Law

Lecture 19 How to Build the Successful Outsourcing Relationships.

Section 5: Outsourcing Strategy

Lecture 20 Types of Outsourcing Services

Lecture 21 Outsourcing Locations

Lecture 22 Outsourcing strategy

Future and present professionals in contract management, outsourcing, and Supplier Relationship Management (SRM),Keen researchers who want to know more than consultancy whitepapers,Rational and boundedly-rational economic actors,Decision-makers and negotiators

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