Contract Management Tool for Public and Private Entities

Contract Management Tool for Public and Private Entities

Instructions/Descriptions

Contract Management Tool for Public and Private Entities

Reply to each response in 75 words or more.

Frank Kalisha

Manage Discussion Entry

Contract Management is an important tool for public and private entities used to optimize multiple areas of operation. Having a comprehensive and ongoing awareness of the terms and provisions of a contract allows for agile decision-making that ultimately leads to enhanced performance before, during, and after its life cycle.

When it comes to purchasing and acquisitions, two benefits that optimized contract management can help improve are vendor selection and project/operations management. When determining a vendor, contract management allows for higher awareness of conditions, deadlines, covenants, and requirements that can help a decision-maker better analyze risk, cost, lead-times, and overall past performance. When managing the ongoing requirements of a contract,

it is important to be cognizant of all these factors to ensure that you both satisfy the agreement and perform well from your own organization’s perspective. When it comes to project management decisions, contract management is important in identifying scope, contract term expiration/renewal, important provisions, limiting factors/constraints, cost allocation, safety requirements, timelines, and numerous other site and project-specific considerations. Both of these factors lead to increased financial and operational performance in an organization.

One concept from this week’s material that can help me personally and professionally is enhanced understanding of the Government Acquisition Plan and more generally, the bid evaluation procedure in selecting awards. I currently am employed in a role where we are often submitting bids, negotiating contracts, and managing service calls with Government agencies. All insight into the process into how these decisions are made on Government agency’s end can be incredibly valuable to me in crafting proposals and submissions to make my organization more attractive.

Jacob Thompson

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Manage Discussion Entry

Contract management’s benefits in the private sector are somewhat easy to notice. The major benefit is of course having people within both parties that can understand the scope and needs of the contract the organizations wish to engage in. The management side of the contracting makes sure that the contract’s life cycle is fully realized and no major problems arise. It is also important to have overhead during a contract, in both sectors, in case of disputes that happen within the contract. The contract management will be able to (hopefully) quickly resolve the issue or enforce certain aspects of the law. The public sector of the contract management is, in my opinion, more important to have.

As the contract are under the government, it is imperative that both parties have a good understanding of the laws and regulations within government contracting. The management of these contracts is also important to ensure that public funds are spent wisely and efficiently by the organizations. Contract management is also important for after a contract has been fulfilled. As the management system or people in place can then use the experience to ensure that future contracts are handled well.

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I personally can’t really think of any contracting management examples to use, as I have no professional experience with the field. But from what I have read and watched I can understand that contract management is used as a tool to help ensure the finical safety of all parties involved. And by doing so the “needs” of the parties or organizations can then be fulfilled in a controlled manner.

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