Contract management and Procurement management Essay

pact perplexity and Procurement management - Essay ExampleIt is therefore, truly important that the switch conductors must manager certain components of the whole formulate management and project life cycle in more detail as compared to different components of the project. It is therefore of great importance that the project managers must see to it a accurate fit between the different components of the overall project.Contract Management and Procurement management are devil most important concepts of project management where project managers tend to interact with external players such as vendors, suppliers as well as regulatory authorities. The management of force and procurement regalees therefore needs fussy skills to fit them properly into the overall process of project management as well as project life cycles.By law, a cut is an agreement between competent parties, for consideration, to accomplish some licit purpose with the terms clearly set forth (Newell, 2005) . The above definition of contract suggests that it is an agreement which is O.K. up by the legal consideration.Within the context of project management, contract management is a straind process which involves different stages. Project Managers first determine the requirements of the contract i.e. what is required to be obtained and acquired to complete the project. Once the requirements of the project are clearly identified, the project managers issue requisitions and than the next phase are of appealingness. When solicitation phase is over, the contract is awarded to the approved vendors. This whole process requires interaction between the external as well as ingrained parties to the project therefore there remain very strong chances of the project overruns If the process of contract management is not effectively managed.As the whole purpose of Project life cycle is to focus on how to manage the project therefore, contract management being one of the critical components of the project, requires that the project managers must find a perfect fit between the project management and contract management. As discussed above that the contract management starts at the time when project managers first assess the requirements of the project. In our case, we will be requiring software program and hardware to implement our proposed email system, therefore once the requirements of the whole project are determined, the next phase in contract management and the project management requires that the project managers must start the process of solicitation and finally awarding the contract. This whole process is therefore the core process of the project management since it is done the contract management that the project managers tend to manage their schedules, costs as well as other associated activities of the project. It is also important to consider that the contract management, when properly fit into the project management life cycle, delivers very important benefits for the project itself. A good contract management would provide a system for centralised oversight of the whole project however with a degree of decentralized ownership of the different components of the project. Further, contract manageme