Final answer:
The statement in the question is false because, in a partnering approach, the goals and objectives of each party are aligned towards mutual success, with shared responsibilities, risks, and complementary skills to achieve common business goals.
Step-by-step explanation:
The statement that each party's goals and objectives in the partnering approach to manage contracted relationships are similar but geared to what is best for them is False. Instead, in a partnering approach, the emphasis is on shared goals that benefit the collaboration as a whole. Each party, while seeking their own success, works towards a common objective that is beneficial for the entire partnership, often blending their unique expertise and strengths.
Share responsibility and risk is a core principle in any effective partnering approach. It involves open communication, mutual respect, and collaboration to make all business decisions that drive towards common objectives. Both partners may have complementary skills that when combined, enhance the capability of the business to achieve its targets.
The traditional hierarchy is being replaced by this more reciprocal model where both managerial and employee roles contribute significantly towards the organization's success. Both partners are invested in the business and support each other to promote growth and accomplish the organization's broader goals.