How does the work of commercial management help resolve possible principal/agent problems for the buyers in project commercial exchange?
Purpose of the essay is to change people’s mind with the special knowledge of commercial management. There are two parties: principal = buyer/client/project owner and the agent = project manager. Please include the principal agent theory and transaction cost economies, adverse selection problem and the moral hazard problem and profit-maximising conflict between the two parties. I have came up with a brief outline of how to structure the essay: Introduction: 1) definitions of commercial management/manager; 2) What is principal agent problems and what triggers it in projects; 3) What the body paragraphs will be about. Body paragraphs: 1) 2-3 solutions (ex. contract types: outcome based and behavioural based, owner-manager communication model etc) ; 2) Limitations of the solution; 3) Recommendation. Conclusion: 1) From the solutions, why is the role of commercial management meaningful in the management of projects for buyers and why is management theories helpful. However, feel free to adjust any changes if applicable.
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