Personal Experience Record on Project Management, Negotiating and Decision Making

This personal experience record discusses project management, negotiating, and decision making. It covers the nine areas of project management, the importance of good negotiation skills, and the benefits of effective decision making.

Running head: PERSONAL EXPERIENCE RECORD
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Name of the Student
Name of the University
Author note

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Project management:
It is the practise of initiating, planning, executing, controlling a particular tasks to achieve
a specific goals. The nine areas of project management are:
 Integration management
 Time management
 Scope management
 Quality management
 Cost management
 Communication management
 Human resource management
 Procurement management
 Risk management
Negotiating and Decision making:
Negotiating is the process of bargaining with the supplier or buyer or anyone to get a
favourable deal. If negotiation is done properly then the organization will be highly benefited
and can decrease the operation cost by a huge margin. Good negotiation skills are very helpful in
many ways. Some of the key usefulness of good negotiation skill is: Supplier and customer relationship: According to me every deal with the supplier
or the customer is a type of negotiation. If the employee of an organization knows
how to handle negotiate with the customers or vendors for the best prices without
any arguments or damaging the relationship between them then the organization

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can make a longstanding ties, which will beneficial for everyone in the
organization.
 Conflict resolution: I have found through my research that conflict may occur
anytime in the organization. There may include disputes within the departments of
the organization. The manager needs to have a good negotiation skill so that he
can negotiate the truce between the two parties and reduce the conflict in the
organization. The manager needs to be fair upon both the parties while
negotiating this will help in solving the issue effectively.
 Improves bottom line: According to me ultimate goal behind negotiation is to get
best deals that is possible for the organization. Getting the best deal from the
supplier reduces the making charges of the product that ultimately helps in
decreasing the production cost of the product.
 Negotiation builds respect: Respect is one of the most essential parts of the
business. It is vital that the employees in the organization respects the leader and
respects what the leader wants from them. It is important that the clients, vendors
or anyone with whom he is negotiating respects you.
According to me decision making needs a wide market research and managerial
knowledge. Without proper planning and forecasting the decision-making process becomes
ineffective.
The importance of the decision-making from the management’s point of view:
 Decision-making helps in proper utilization of resources.

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 It helps in facing the problems and challenges with ease and improves the
effectiveness of the risk management in the organization.
 Proper decision making helps in the rapid growth of the organization.
 It helps to achieve the goals of the organization, which is set by the organization.
 It helps in bringing innovative ideas in the organization.
 Rational decision-making results to greater employee motivation. When rationale
decisions implemented the organization earns a lot of profit.

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Bibliography
Jones, S.R., Torres, V. and Arminio, J., 2013. Negotiating the complexities of qualitative
research in higher education: Fundamental elements and issues. Routledge.