Life cycle management
Today, sourcing and procurement is highly leveraged in the purchase of noncapital project-related goods and services. However, sourcing and procurement is rarely included in the source-to-contract (S2C) process capital projects. When it is, it usually occurs late in the process as capital project S2C management is still considered the purview of project management and engineering functions, not of procurement. Unfortunately, ill-managed S2C processes often lead to delayed supplier contracting, suboptimal contractor performance, and, in some cases, capital project cost and time overrun.