Attached. Please let me know if you have any questions or need revisions.Running head: MANAGEMENT1ManagementBy[Name of Student]February 10, 2021MANAGEMENT2Procurement ManagementVarious concepts were worthy for me while studying procurement management. Still,the most important finding I have found is three types of contracts that can be made to managethe functions of the business efficiently. It has been determined that there are three types ofcontracts, and there are unique characteristics of all the contracts. The organization needs toselect the most appropriate contract suitable for the organization according to the pros and cons.The most beneficial type of contract is “fixed-price contract” because implementing this type ofcontract the chances of risks become reduced. The deviation in the products’ prices leads tovarious problems for the organization due to which the managers have to face i…
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