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Vendor Management Skill

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I saw an IT job and it's stated required Vendor Management Skill.

What does it mean ?

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by tig2

The ability to manage the vendor and the contracted obligations of the vendor to insure delivery. It may also include vendor selection and sometimes, contract negotiations. If there is a transition involved, you may be called on to lead the transition or be a part of the transition team.

Every workplace is different based on sector, size, existing process, etc.

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