CMG490 MOD SLP Essay Example | Topics and Well Written Essays - 500 words

CMG490 MOD SLP - Essay Example al criteria as the system alerted when a contract was close to expire, had mistake proof that informed managers on contract dates, and observed regal standards in meeting all regulatory criteria before a contract is executed. Saxena (74) regulatory compliance has to be addressed in details to avoid costly penalties, and even cancellation of contracts by a government. The company has detailed system that ensures all regulatory mechanism in contracts are met; contracts have to go through the required regulatory approval before commencement. In contractual criteria, Apics (6) argues that a company has to develop and put in place measures and strategies that offer an integrated action plan in achieving the desired level of performance, as well as process maturity, which addresses all components of contract management, capability, and cover the contract period. For example, the company in question can adequately compare and analyze data from several contracts, they can report and analyze a contract by a particular vendor, and conform to the required contractual terms. On the other hand, the company meets some procedural criteria in that standards are used in gauging and analyzing each contract, there is strict adherence to legal and regulatory requirements, and each contract is considered and analyzed before it is commences to ensure it meets all the laid down criteria. Despite the above strengths, the company has glaring faults in its contractual system that makes it prone to major risks and even may edge closer to closure. For example, the company does not coordinate contracts across departments and cannot locate any contract in a short time with ease or any reliability. This indicates that in procedural approach, the company cannot manage its contracts effectively; they cannot link different departments to analyze all the details and have a holistic contract management system. The system cannot facilitate maintenance of a contract portfolio, implying the company