Which stage involves managing the supplier's performance over the contract's lifecycle?

The stage that involves managing the supplier's performance over the contract's lifecycle is performance management. This process is crucial because it ensures that the supplier is meeting the agreed-upon standards, delivering quality products or services, and fulfilling their obligations as outlined in the contract.

Effective performance management typically includes monitoring key performance indicators (KPIs), conducting regular reviews, and maintaining open channels of communication with the supplier. This ongoing assessment helps organizations identify any issues early, allowing for timely interventions to improve performance and resolve problems. It also fosters a collaborative relationship between the buyer and supplier, ultimately leading to better outcomes for both parties throughout the duration of the contract.

In contrast, other stages such as supplier development focus on enhancing the supplier's capabilities before or during the early phases of the contract rather than ongoing performance monitoring. Payment and incentives are related to motivating supplier behavior but don't encompass the full scope of managing performance over time. Risk and resilience deal more with identifying and mitigating potential risks that could affect the supply chain or contract execution rather than directly managing supplier performance.