Course Content
New Accounting Model (Exam-2009)
Books references: 1. Account Code (Volume III). 2. Chart of Accounts (Issued by CGA). 3. Manual Accounting Principles. 4. Accounting Policies and Procedures Manual.
Private: DAO Part-I Examination 2024 (Fresh Candidates) Past Papers
About Lesson
Question No.3 What type of business skills are used in contract planning, execution, implementation and evaluation?

 In the context of contract planning, execution, implementation, and evaluation, several essential business skills come into play. Let’s explore these skills:

  1. Communication Skills:

    • Effective communication is crucial throughout the contract lifecycle.
    • Planning: Clear communication ensures that all stakeholders understand contract terms, objectives, and expectations.
    • Execution and Implementation: Communicating progress, changes, and any issues helps maintain alignment.
    • Evaluation: Reporting on contract performance requires concise and accurate communication.
  2. Negotiation Skills:

    • Planning: Negotiating contract terms, pricing, and deliverables.
    • Execution and Implementation: Handling changes, disputes, and unforeseen events.
    • Evaluation: Assessing performance against agreed-upon terms.
  3. Analytical Skills:

    • Planning: Analyzing requirements, risks, and feasibility.
    • Execution and Implementation: Monitoring progress, identifying bottlenecks, and making data-driven decisions.
    • Evaluation: Analyzing performance metrics and identifying areas for improvement.
  4. Project Management Skills:

    • Planning: Creating project timelines, resource allocation, and risk management plans.
    • Execution and Implementation: Coordinating tasks, managing deadlines, and ensuring deliverables are met.
    • Evaluation: Assessing project success and identifying lessons learned.
  5. Financial Literacy:

    • Planning: Budgeting, cost estimation, and financial modeling.
    • Execution and Implementation: Tracking expenses, managing payments, and cost control.
    • Evaluation: Analyzing financial impact and return on investment.
  6. Legal and Contractual Knowledge:

    • Planning: Understanding legal requirements, contract types, and terms.
    • Execution and Implementation: Ensuring compliance with contract provisions.
    • Evaluation: Assessing contract performance against legal obligations.
  7. Risk Management Skills:

    • Planning: Identifying risks, developing risk mitigation strategies.
    • Execution and Implementation: Monitoring risks, adapting to changes.
    • Evaluation: Assessing risk impact on contract outcomes.
  8. Attention to Detail:

    • Planning: Drafting precise contract terms.
    • Execution and Implementation: Ensuring accurate execution of contract provisions.
    • Evaluation: Detecting discrepancies or deviations.
  9. Stakeholder Management:

    • Planning: Identifying key stakeholders and their interests.
    • Execution and Implementation: Engaging stakeholders, addressing concerns.
    • Evaluation: Gathering feedback and managing expectations.
  10. Adaptability and Problem-Solving:

    • Planning: Anticipating potential challenges.
    • Execution and Implementation: Navigating unexpected issues.
    • Evaluation: Finding solutions to improve contract performance.
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