Procurement and Contract Management is a critical business process that involves the acquisition of goods, services, and works from an external source. It is the process of selecting vendors, establishing contracts, and negotiating and managing contracts with the goal of obtaining the best value for goods and services. The process also includes the management of supplier relationships, monitoring of contract performance, and the management of associated risks. The ultimate goal of procurement and contract management is to ensure that the organization is getting the best value for its money and that all contractual obligations are being met. It is an essential part of any successful business, as it helps to ensure that the organization is getting the best quality goods and services at the best possible price.