If the subtitle caught your eye, there is a good chance you are already in the mode of engaging vendors to outsource projects and services under some form of a contract or statement of work (SOW). There is also a good chance that your organization, like most, has little or no standardization for managing the entire procurement lifecycle of outsourced projects and services. For many organizations, the absence of a structured framework to engage vendors allows business managers to devise their own methods for vendor management. While this can sometimes be effective, results are usually far from optimal. It is not unusual to have limited methodology around the vendor selection process or over the administration of the engagement - how requests for proposals (RFPs) are written, how vendors are selected to receive the RFP, how business is awarded, how milestones and deliverables are documented, tracked, and invoiced.