Which process involves executing contract requirements and managing business relationships?

The process that involves executing contract requirements and managing business relationships is the administration of the contract. This phase is crucial because it encompasses ensuring all parties meet their obligations under the contract terms, monitoring performance, managing any arising issues, and maintaining a positive working relationship between the involved parties.

Contract administration focuses on the ongoing management of the contract, which includes tasks such as communicating about the progress of deliverables, assessing performance against the agreed-upon metrics, and promptly addressing any disputes that may surface. Effective contract administration helps to optimize the relationship between the contracting parties, thus fostering trust and enhancing collaboration.

On the other hand, closing the contract relates to the completion and finalization of all contract obligations, while managing changes pertains specifically to adjusting or amending contract terms as necessary. These processes follow the performance and administration stages and do not encapsulate the broader scope of relationship management and requirement execution that contract administration entails.