Contract/procurement management

Part six in a series of seven articles. Each article examines one of the seven project management functions outlined in PMI Project #121, PMIs effort to create a project management body of knowledge. This article lists the processes involved in managing project contracts and project procurement, processes that include identifying objectives, defining information systems, selecting sources, finding contractors, administering contracts, and evaluating contractor performance. Accompanying this article are a function impact matrix chart (showing the relationship between contract/procurement management processes and the functions and processes of project management) and a glossary of project management terms related to managing project contracts and procurement.