Supply chain management includes all the activities necessary to acquire, manage, maintain, and enforce contract and supplier management over the entire life cycle of an asset, taking total cost of ownership into consideration. It includes purchasing, inventory, warehousing, and contracting (authoring, negotiations, adoption, definition of requirements, appraisal and selection of contractors, outsourcing-insourcing strategies, and claim management). Its processes align with corporate standards, procedures, operating procedures, legislation, and organizational values of fair, equitable and legal approach to purchasing and contracts.