Commercial management
Encyclopedia
Commercial management-- is a term used to describe the non-technical business disciplines within a company or organization, particularly the administration of revenue and expenses to generate a financial return. Its origins appear to go back to the defence and construction industries in the United Kingdom in the 1950s.
Commercial management within an organization is applied at both policy and transactional levels. Commercial policies relate to the rules or practices that define how business will be conducted and the standard terms under which external relationships will be conducted. Many of these policies are reflected in the terms of any contract
in which the organization engages. At a transactional level, commercial management is applied through the oversight of trading relationships to ensure their compliance with business goals or policies and to understand or manage the financial and risk implications of any variations.
ICM
defines Commercial Management as: The identification and development of business opportunities and the profitable management of projects and contracts, from inception to completion.
Commercial management within an organization is applied at both policy and transactional levels. Commercial policies relate to the rules or practices that define how business will be conducted and the standard terms under which external relationships will be conducted. Many of these policies are reflected in the terms of any contract
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
in which the organization engages. At a transactional level, commercial management is applied through the oversight of trading relationships to ensure their compliance with business goals or policies and to understand or manage the financial and risk implications of any variations.
ICM
Institute of Commercial Management
The Institute of Commercial Management , founded in 1979, is a professional body for Commercial and Business Development Managers and an internationally recognised examining and awarding body for business and management students...
defines Commercial Management as: The identification and development of business opportunities and the profitable management of projects and contracts, from inception to completion.