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\nHow to Manage Vendors: Getting the Best Results\n

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\nAs your projects get bigger, there will come a time when you need to know how to manage vendors, to get the best results from them. It can be tempting to see the relationship as competitive: one of you must lose, for the either to win....\nAs your projects get bigger, there will come a time when you need to know how to manage vendors, to get the best results from them.

It can be tempting to see the relationship as competitive: one of you must lose, for the either to win. Nothing can be further from the truth.

So, in this video, I will discuss how the best way of managing vendors is with a collaborative approach.

This video started with a question:

One of the biggest challenges I face at work is managing timelines when working with one or multiple vendors. Are there best practices for managing timelines while maintaining positive vendor relationships?

But I decided to tackle the bigger question of how to manage vendors.

It's all about the relationship.
If you start adversarially, you will find yourself in an adversarial relationship throughout. Particularly with a contract that focuses on penalties.
If, on the other hand, you start collaboratively, you act that way throughout, and you reward collaborative working... Then you are most likely to have a collaborative relationship that delivers to time.

I like a very simple project philosophy…
'I don't care about the fault: I do care about the issue'
That is to say, tell me as soon as there is a problem. So we can all work on it together. Don't try to blame someone else. And don't worry about me blaming you.

Whose fault it is, won't get it fixed
Surfacing the problem as early as possible, and working on it together will.
Set incentives so that everyone - all vendors and team members - share equally in success. Make it generous. And then everyone will recognize their best play is to help each other and not start throwing blame around.\n
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Resource Details

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Media Length
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2:49
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Grade
10th - Higher Ed
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2020
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Language
English
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Audiences
For Teacher Use
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Fine Print: Educational Use
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Concepts

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collaboration, work
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Additional Tags

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how to manage vendors, manage vendors, managing vendors, vendor management, supplier relationship management, procurement, project procurement, project procurement management, contract management, project management, procurement management, supply chain management, vendor management best practices, what is vendor management, vendor management interview questions and answers, supplier management, vendor management process, vendor manager, vendors, share, project, problem, contractors, start, mindset, attitude, contract, fault, blame, reward, care, resolve, issue, solve
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