In the context of project management, commercial management refers to the process of managing the financial aspects of a project, including budgeting, cost control, procurement, and contract management. It involves planning and overseeing all financial aspects of a project, ensuring that costs are kept under control while still delivering the desired outcomes.
Commercial managers play a critical role in benefits management as they are responsible for assessing the costs of a project and ensuring that the expected benefits outweigh those costs. They work closely with project managers to identify the key benefits of a project and develop a plan to achieve them.
Commercial management also involves identifying and managing risks associated with a project's financial aspects. This includes identifying potential cost overruns, negotiating contracts with suppliers and vendors, and ensuring that all financial transactions are properly documented and accounted for.
Ultimately, effective commercial management is essential for the success of any project, as it ensures that the project is completed on time, within budget, and to the required level of quality. It requires a strong understanding of financial management principles, as well as excellent communication and negotiation skills to ensure that all stakeholders are aligned and working towards a common goal.
Advance your career with ILX’s commercial management courses
Commercial management is an essential element of project management, and a certification would be beneficial for anyone who is involved in managing the financial aspects of a project or business. This could include project managers, procurement professionals, contract managers, finance professionals, and anyone else who is responsible for managing budgets and costs.
More specifically, a commercial management certification would be particularly beneficial for:
- Project managers who are responsible for delivering projects on time and within budget
- Procurement professionals who need to negotiate contracts with suppliers and vendors to ensure that goods and services are procured at the best possible price
- Contract managers who are responsible for managing the contractual relationships between the organisation and its suppliers
- Finance professionals who need to manage project budgets and ensure that financial transactions are properly documented and accounted for
Overall, a commercial management certification would be beneficial for anyone who wants to gain a deeper understanding of financial management principles and how they apply to project and business management.
Courses from ILX include Better Business Cases™, Managing Benefits™ and Finance for Non-Financial Managers™, and these are available as either self-paced e-learning, live virtual classroom, or in-person workshops.
Choose from our range of commercial management courses
Better Business Cases training
The Better Business Cases qualification is a systematic and objective approach to all stages of the business case development process. Our course will teach you or your employees:
- The philosophy and rationale of the Five Case Model methodology
- The different types of business case and their individual purposes
- How to develop a strong business case and establish a clear need for change
Managing Benefits training
The Managing Benefits framework provides organisations with guidance on how to focus on which measurable benefits they need to deliver, and which activities will be most beneficial – to satisfy the strategic objectives of the organisation. It also teaches you:
- Principles upon which successful approaches to benefits management are based
- Five practices contained within the benefits management cycle and relevant techniques applicable to each practice
- Approaches to implementation and the factors to consider in sustaining progress
Finance for Non-Financial Managers
Not a finance manager but need to understand how finance works? This certification trains you in all aspects of basic business finance and its practical application. You will learn how to read basic financial statements and how your business decisions impact the financial health of your organisation. Our course will also teach you to:
- Play a more active role in helping their organisation achieve its objective
- Understand financial management and accounting processes
- Understand and communicate better with finance specialists