Discussion:
What is the effect of contracting and contract administration on risk management? Who is responsible for managing and monitoring this relationship in a project? What are the main risk items that should be considered in the contract administration process?
What is the process you would use when conducting and closing the purchase of a house or a personal vehicle? Describe this process. How does this process assist you in negotiating the best purchase? Do you believe the process is efficient and achieves the results you desire? Why or why not? How might you improve your process?
What is the difference between contracting and contract administration? Although risk management is a factor in both areas, how does it differ in each? Provide an example.