Which practice area emphasizes selecting and managing contract suppliers?

The practice area that emphasizes selecting and managing contract suppliers is Supplier Agreement Management. This practice focuses on establishing and maintaining effective relationships with suppliers to ensure that the organization receives the appropriate products and services that meet defined requirements. It involves all aspects of the supplier relations process from selection to performance evaluation.

This area is crucial because successful supplier management can lead to improved quality, reduced costs, and enhanced delivery performance. It entails identifying suitable suppliers, negotiating contracts, and monitoring supplier performance to ensure compliance with agreements. By managing supplier relationships strategically, organizations can optimize their supply chain and leverage external resources effectively to meet their operational goals.

The other choices do not specifically concentrate on supplier management. Quality Assurance pertains to ensuring that products and services meet quality standards but does not specifically address the selection and management of suppliers. Performance Measurement focuses on assessing the efficiency and effectiveness of processes and projects, while Risk Management involves identifying, analyzing, and responding to risks that could impact the organization, rather than managing supplier relationships directly.