PROJECT PROCUREMENT AND CONTRACT MANAGEMENT: Innovative Project Sourcing Models

Appropriate Project procurement models, theories and technologies help project managers and staff to delivery projects within cost, time and quality. Effectiveness in procurement and contract management has been enhanced by embedding technology innovations like AI, Robotics Automation, Blockchain Technology into complex contract models like PPPs. Procurement focuses not only focuses on acquisition of goods and services from external sources but also on choosing the right procurement model like PPP, while contract management ensures those goods and services or projects are delivered according to the agreed-upon terms and conditions. Procurement finds the right vendors or EPC contractors and negotiates the best deals, while contract management ensures those deals are honored and deliver value to the project.