The Contract Management Body of Knowledge (CMBOK) Explained

The Contract Management Body of Knowledge (CMBOK) is a professional standard established by the Natrional Contract Management Association for contract managers and others in the contracting workforce, which includes information technology specialists, purchasing agents, attorneys, and other professionals whose roles overlap with contract management.

Understanding the Contract Management Profession

Contract management is a profession that has evolved alongside the development of the worldwide economy and the increased complexities of interactions between entities. Business agreements and contractual arrangements in fields such as medicine, logistics, supply chain, the finance industry, scientific research, government and enterprise procurement, and hundreds of others that were much simpler a century ago. Now these industries require a dedicated contract manager for many small and mid-size companies, and even entire departments for larger organizations.

 

Introducing the NCMA

To enhance the quality of contract management and assist contract managers in the execution of their duties, the National Contract Management Association (NCMA) was established in the late 1950’s. The NCMA was established in the late 1950s and assists contract managers through offering various certification programs, management publications, alerts on new regulations and more. (see this article for more information).

 

What is the Contract Management Body of Knowledge (CMBOK)?

One of the most prominent and important publications of the NCMA is the the Contract Management Body of Knowledge (CMBOK). CMBOK is not to be confused with the Case Management Body of Knowledge, which refers to medical case management situations. The CMBOK by the NCMA refers directly to contract management, and establishes the vocabulary, skills, and basic knowledge required to work as a contract manager. The CMBOK provides a clear view into the foundation and framework of contract management.

 

CMBOK Recommendations

The CMBOk can be extremely helpful for employees of the federal government, government contractors, state and local entities, prime contractors, subcontractors, and commercial contracting. The CMBOK can be a useful guide for entry, mid, and seasoned experience levels and looks at the pre-award, acquisition planning and strategy, post award, specialized knowledge areas, and business applications.

 

The CMBOK is central to ensuring contract success and best practices in todays business and government spheres. In addition to the NCMA and CMBOK, utilizing advanced software can help increase efficiency in contract management by as much as 70%. Cloud based software like Concord’s Contract Success Platform can help streamline contract procurement, contract creation, and contract lifecycle management. To learn more, contact one of our contract management experts at 844-693-7446.

Additional resources: http://www.ncmahq.org/apply-best-practices