Commercial management

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Commercial management is "the identification and development of business opportunities and the profitable management of projects and contracts, from inception to completion."[1]

Commercial management within an organization is applied only at policy 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.The Commercial Department is responsible for the marketing & sale of the transportation provided by a railway, for creating and developing traffic, for securing and maintaining friendly relations with the travelling and trading public and for cultivating good public relations generally. The fixing of rates, fares and other charges and the correct collection, accountal and remittance of traffic receipts are also among its functions.

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