Last updated 6/2022
MP4 | Video: h264, 1280x720 | Audio: AAC, 44.1 KHz
Language: 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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