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Guide: Close Procurements in Project Procurement Management

The concept of Close Procurements is an integral part of the Project Procurement Management knowledge area in CAPM and PMP certifications.

What is 'Close Procurements':
Close procurements is the process of completing each procurement contract. This could mean fulfilling the terms of the contract and terminating it amicably, resolving any disputes, or early termination if the terms cannot be met. It also involves reviewing the contracts to ensure all work and terms are completed satisfactorily.

Importance:
Managing the closure of procurements ensures that all agreements are met and any unresolved matters are concluded. It contributes to positive relationships with suppliers and mitigates the risk of future legal issues.

How it works:
Close procurements generally involves project management team, the vendors, and sometimes project stakeholders. The team reviews all procurement activities and documents to ensure accuracy, completeness and compliance. Any issues are resolved and lessons learned are documented for future references.

Exam Tips - Answering Questions on Close Procurements:
1. Understand the Process: Fully understand the process and its place in the overall project procurement management. Able to describe the process and its key elements.
2. Importance: Be able to explain why it's important to the overall project and organization.
3. Real-world Examples: Apply the concept to real world examples. Explain how it would work in a hypothetical project, or what would happen if it wasn't correctly implemented.
4. Lessons Learned: Understand the importance of documenting 'lessons learned' as part of the close procurements process.
Remember that thorough understanding and application are key to answering these types of questions successfully.

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Close Procurements practice test

Close Procurements is the process of completing each project procurement. This involves verifying that all work and deliverables are acceptable and documenting lessons learned for future projects. This process involves finalising open claims, verifying that all deliverables have been received and accepted, evaluating supplier performance for future reference, and transferring completed procurement to relevant parties. The aim of this process is to ensure that the contracts are formally closed and any related matters are settled.

Time: 5 minutes   Questions: 5

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Certified Associate in Project Management Preparation Package (2024)

  • Earn 15 PDUs needed for your CAPM certification
  • 8521 Superior-grade Certified Associate in Project Management practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless CAPM preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!