Difference between Project Management and Contract Management
1. Project Management :
Project Management, as name suggests, is a management that mainly focuses on management of project and ensure successful development of project to achieve desired goal of organization.
2. Contract Management :
Contract Management, as name suggests, is a management that mainly focuses on management of contract between two or many parties and to ensure that all parties meet their respective objectives more effectively and efficiently.
Difference between Project Management and Contract Management :
|Project Management||Contract Management|
|It mainly focuses on management of particular project till it gets completed successfully.||It mainly focuses on management of contract between two companies, parties, or organizations.|
|Its main goal is to achieve desired project goal on time and within budget.||Its main goal is to achieve mutual satisfaction among parties or organizations or companies whose objectives are not same but are closely linked.|
|Project usually involves many parties from one business entity but mostly involves various related or unrelated entities. Here, business entity simply means organization/corporation/partnership/firm created to perform functions of business.||Contract usually binds two different business entities but if there are more than two entities then there are separate sub-contracts.|
|It involves various processes such as planning, organizing, and managing efforts and tasks that are made and performed to complete a project successfully.||It involves various processes such as managing contracts, deliverables, guidelines, deadlines, execution, analysis|
|It mainly focuses on project constraints i.e. scope, time, budget, quality as per contract.||It mainly focuses on economic of project and manage claims and dispute against contract.|
|Its key objective is to predict problems or dangers as many as possible so that such problems can be removed on time and project can be completed in spite of all problems.||Its key objective is to create value for organization.|
|Various project management software’s are Basecamp, Trello, Asana, Nifty, etc.||Various contract management software’s are PandaDoc, Concord, Corridor, SAP Ariba, etc.|
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