Summarize the concepts of procurement and contract management and the importance to the business world.

This final research paper must demonstrate the understanding of new learning in the field of project management and how it relates to purchasing and supply management.  This is an assignment with a length of 10 – 12 pages that should integrate the reading, multi-media, and class discussion boards.  It is mandatory to have research from the classroom text as well as at least five sources from reputable sources or online library to support your views

The following topics must be included in order for the paper to be complete:

• Summarize the concepts of procurement and contract management and the importance to the business world.
• Evaluate RFP selection tools and how to improve the assessment of proposals.
• Summarize the concept of procurement planning and evaluate the various strategies necessary for project success.
• Assess how to select the most qualified vendor in a proposal.
• Appraise the contract and in particular, the legal aspects of procurement within the contract.
• Compare the critical elements of a contract including relationships between the client, supplier, completion terms and payment terms.