Building upon the last lecture, Cohen discusses contract management and why it is important. He presents the central elements of contract management and the knowledge managers need to know in order to manage contracts and contractors effectively. Cohen also discusses the obstacles to contracting and how can they be overcome as well as presents arguments for when a business should and should not contract. The lecture concludes with a discussion of the future of contracting. Content in this video is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. http://creativecommons.org/licenses/by-nc-nd/3.0/