Contract Management

DEFM200 Acquisition Cycle and Process

After completing the readings for the week, offer your perspective on what is contract management, the contract life cycle, and contracting competencies. Consider the four supply chain alignment configurations discussed in the Dynamic Supply text. The four supply chain configurations are lean supply chains, agile supply chains, fully flexible supply chains, and continuous replenishment supply chains.

Please review the PowerPoint regarding an overview of Program Management and the overview regarding ethical behaviors in Government Contracting.

Initial response 250


Answer preview

Contract management refers to the process of ensuring the execution of a contract aiming at maximizing financial and operational performance while reducing financial risk. This aligns with lean supply configuration since it aims at executing procurement processes while reducing financial risks. The management concept calls for multidisciplinary collaboration to achieve the designed mission with the least financial risks (Nguyen, and Garvin, 2019). In this case, program managers optimize support, design, and procurement processes to maintain low cost and ensure performance objectives are achieved. Ongoing assessment, communication, and managing change are critical building blocks of contract management since they ensure operational and financial performance. (299words)