describe five ways in which contract management might adds value after the contract award stage of the sourcing process.​

The five ways for contract management are:

1 - how buyer and supplier work after contract has been awarded.

2 - Key decisions made.

3 - Risk of misunderstanding and disagreement.

4 - Identify opportunities and improve performance.

5 - Performance evaluation against KPIs.

Explanation:

Contract management is essential for any business to succeed. There are five ways in which contract management will add value after contract award stage. Usually value addition is achieved by the response of buyer and seller towards the services after the contract has been awarded. There should be right individuals involved in decision making process. The performance should be evaluated against the KPI mentioned in the contract. If both supplier and  buyer work with mutual understanding there is very less chance for disagreement and value will be added to the contract performance.

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