- Commercial management
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.
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