Identifying, assessing, and managing risks connected to contracts, pricing, and project

execution are all part of the evaluation and assessment of commercial and contractual
concerns of the BJSS IT organisation (Landoll, 2021). More over , This procedure is
essential to making sure that projects are finished on schedule, on budget, and with the
expected results.on other hand Some strategies and techniques that are frequently employed
in this process are the ones listed below:

Contract review: Examining the contract in detail, taking into account the task scope,
deliverables, deadlines, and cost, is the first step in evaluating commercial and contractual
issues for the BJSS IT company. The contract's possible risks and concerns, such as
ambiguous or unclear obligations, are identified through this analysis.In order to make sure
that a contract's terms and conditions are complete, comprehensible, and enforceable, it is
necessary to examine it (Lee, Yi and Son, 2019). The goal of contract review is to find any
potential problems, hazards, or ambiguities with the contract and make sure that it
appropriately reflects the terms and circumstances that were agreed upon.The BJSS IT
company begins the contract review process by gathering all pertinent contract-related
papers, including the proposal, statement of work, and any revisions or addenda (Lee, Yi and
Son, 2019). The contract and other ancillary documents are examined to guarantee their
accuracy and completeness.

Risk assessment: Following a review of the contract, BJSS IT business will undertake a risk
assessment. Finding potential project risks like cost overruns, delays, or quality problems is
necessary to do this. Numerous techniques, such as brainstorming sessions, probability
analysis, and risk mapping, can be used to conduct risk analysis.Identifying potential hazards
connected to the contractor BJSS IT company is the first step in the risk analysis process
(Matsusaka, Ozbas and Yi, 2018). Risks associated with scope, quality, deadlines, cost, or
regulatory compliance may be included. Reviewing the contract and any related
documentation, as well as talking to the appropriate parties, may be helpful in identifying
risks.Assessing each risk's possibility and impact comes next after prospective threats have
been identified. This entails determining the likelihood that the risk will materialise as well as
any potential negative effects (Namugenyi, et al 2019). Risks that are likely to occur and have
the potential to have serious negative effects are often given high priority and necessitate
extra care.

Contract negotiation: Negotiating the terms of the contract is the next step after recognising
potential risks in order to reduce them. This can entail negotiating the cost, the schedule, or
the range of the task. Strong communication and negotiation skills, as well as a
comprehensive knowledge of the project's requirements and dangers, are necessary for
successful negotiation.Finding the points of contention between the parties and BJSS IT firm
is the first stage in contract negotiation. This could entail going over the agreement and any
accompanying paperwork, as well as talking with the other side about any problems or
concerns (Ostrom and Wilhelmsen, 2019).The parties collaborate to come up with alternative
solutions after identifying the areas of contention. This can entail suggesting different
contract clauses, changing the project's scope of work, or altering the schedule.The parties
negotiate the contract conditions to be finalised after discussing various solutions. This could
entail presenting counteroffers, recommending concessions, or consenting to particular BJSS
IT firm terms and conditions.The parties formalise their agreement in writing after reaching
an agreement on the contract's terms (Ostrom and Wilhelmsen, 2019). This can entail
creating a new contract or changing the one that already exists. It is critical to confirm that
the contract accurately represents the terms and conditions reached and that both parties are
aware of their respective obligations.

Project monitoring: After the contract is signed, it is crucial for BJSS IT firm to keep a tight
eye on the project to make sure it is moving forward as intended (Ostrom and Wilhelmsen,
2019b). This entails monitoring project milestones, controlling project risks, and spotting and
fixing problems as they appear.

Contract management: Effective contract management is necessary to make sure that the
project is carried out in compliance with the conditions of the agreement. This entails keeping
an eye on vendor performance, handling change requests, and making sure that everyone is
abiding by the terms of the contracts.

Overall, technical, analytical, and communication abilities are needed for the examination
and appraisal of commercial and contractual issues associated to project management.
Businesses like BJSS may make sure that projects are finished properly and in accordance
with the anticipated results by utilising a variety of tactics and approaches.

……………………………………………

There are many different tactics and procedures that can be used to create efficient
commercial and contractual plans for the UK-based BJSS IT company. A few of these are:

SWOT analysis: Analysing the project's strengths, weaknesses, opportunities, and threats is
known as a SWOT analysis. The organisation can identify potential risks and opportunities
by performing a SWOT analysis, and then build plans to reduce risks and take advantage of
opportunities.The strengths of BJSS could include their knowledge of IT and project
management, their track record of providing high-quality services, and their solid customer
relationships (Puyt et al., 2020).Their ability to effectively compete in the market may be
hampered by weaknesses such as a lack of resources or experience in certain fields, such as
emerging technologies or particular industries.Opportunities could be new commercial
opportunities in developing industries or technologies, as well as potential alliances or
partnerships that could increase BJSS's capabilities and services.Threats could include
heightened rivalry between IT firms, modifications to legal or regulatory requirements,
economic downturns, or market variations that could affect how much demand there is for
BJSS's services.

Risk management entails determining potential risks connected to the project and creating
plans to reduce such risks (Zou et al., 2019). This can entail creating backup plans, setting
risk ceilings, and routinely reviewing and revising risk management strategies.

Stakeholder analysis: Stakeholder analysis is identifying the most important parties

involved in the project and examining their expectations and motivations. The organisation
may create efficient engagement and communication strategies to make sure that everyone is
on the same page and working towards shared objectives by first understanding the needs and
expectations of stakeholders.Identification of the people or groups with an interest in the
project and examination of their requirements, interests, and expectations are both parts of the
stakeholder analysis process (Rashid Issa, 2019). Stakeholders in the context of BJSS may
include customers, staff members, shareholders, suppliers, and regulators. BJSS can identify
potential conflicts and chances for cooperation by performing a stakeholder analysis (Zheng
et al., 2020). They can also create efficient engagement and communication strategies to
make sure that all stakeholders are on the same page and pursuing the same objectives.

For instance, BJSS might perform a stakeholder analysis for a particular project to identify
the important stakeholders and their interests. On other hand ,BJSS can use stakeholder
analysis to prioritise resources and make defensible choices regarding project scope, cost, and
resource allocation (Rizki et al., 2021). Moreover , BJSS can provide extra resources to make
sure that a demand is met if the stakeholder analysis finds that the customer has a specific
requirement that is crucial to their satisfaction.
Cost-benefit analysis: This can assist the business in making defensible choices regarding
project scope, cost, and resource allocation.Cost-benefit analysis is a technique for assessing
the costs and advantages of a specific project, investment, or choice. On the other side Cost-
benefit analysis can be used in the context of BJSS to assess if the advantages of a specific
project or investment outweigh the costs (Rizki et al., 2021). BJSS would first list all
expenditures related to the project, such as resources, materials, and other charges, before
performing a cost-benefit analysis. BJSS would next make an estimate of the project's
prospective advantages, such as potential increases in revenue, efficiency, or reputation.

Project management approaches: To efficiently manage the project and make sure that all
needs are met within the designated timescales, BJSS can make use of different project
management methodologies, such as Agile, Scrum, or Waterfall. On the other side BJSS can
create efficient commercial and contractual plans that meet the needs and expectations of the
project by using these strategies and procedures (Tosselli, Bogado and Martínez, 2020).
Moreover , This can assist the business in risk management, project outcome improvement,
and stakeholder satisfaction assurance.

Conclusion
It is obvious that creating practical commercial and contractual plans for the UK-based BJSS
IT company involves a deep understanding of numerous approaches and procedures. These
consist of cost-benefit analysis, stakeholder analysis, SWOT analysis, risk analysis, contract
negotiation, and contract review. BJSS may create commercial and contractual plans that are
in line with the company's strengths, opportunities, and stakeholder needs while reducing
risks and correcting weaknesses by using these strategies and procedures. On the other hand,
These strategies can assist BJSS in securing new business prospects, increasing their
capabilities, and remaining competitive in the IT sector.

In the end , for BJSS to be successful in the IT sector, efficient commercial and contractual
planning is crucial. BJSS may create strategies that are financially sustainable, in line with
their strengths and stakeholder needs, and intended to reduce risks by using the right
techniques and processes. This will assist BJSS in preserving its solid reputation for offering
clients in the UK and beyond high-quality services and solutions.

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