Project Management is one of the functional competencies of Contract Managers. Project Management is the application of knowledge, skills and techniques to execute projects effectively and efficiently. Although project management and contract management are two different scopes, contract management can be a function within the project management, but not vice versa. Effective management of scopes, durations, budgets and cycle times directly impact the quality of the contracting processes, thereby improving the overall project management. The project management framework lends itself well to a space that is cross-functional in nature, with variety in the work streams and at times high complexity of the deals.