Guide to Close Procurements PMBOK Guide Seventh Edition
What is Close Procurements?
Close Procurements is the process of completing each project procurement. It involves verifying that all work and deliverables are acceptable, resolving any open items, and settling the terms of the contract. If done efficiently, it ensures seamless closure of contracts, any required audit, and the completion of all project documents for future reference.
Why is Close Procurements Important?
Close Procurements is important as it provides a systematic mechanism to inspect and verify all contracted work. It helps avoid any unresolved claims or disputes in the future. Furthermore, it also enhances the relationships within a project as stakeholders know that all contracts will be efficiently concluded.
How does Close Procurements work?
Close Procurements works through a series of steps such as reviewing all terms and details of the contract, confirming the completion of all contractual obligations, ensuring that all payments have been made, and finally, formally closing the contract in writing. Final project documents are also updated and archived accordingly.
Exam Tips: Answering Questions on Close Procurements
Here are some tips to help you answer questions on Close Procurements in an exam:
- Understand the process: It is key to have thorough knowledge of all stages of the procurement closure process. This includes reviewing documents, confirming compliance, settling terms and archiving records.
- Focus on key principles: Understand that the prime objective is to confirm that the contractual obligations have been met.
- Real-world scenarios: Most questions will be founded on scenarios. It is important to practice these. Various factors may affect the way a contract is closed. Be ready to apply the principles of the process to these scenarios.
- Know your terms: Be sure to grasp key terminologies like 'contract', 'procurement', 'closure' and 'obligations'
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Close Procurements practice test
Close Procurements is the process of documenting and finalizing all procurement-related activities to formally complete procurement processes and contracts. This involves confirming that all contract deliverables have been met, evaluating vendor performance, and ensuring that any outstanding items, such as final payments or contract disputes, are resolved. Upon satisfactory completion of all procurement-related tasks, contracts are formally closed. The project manager and procurement team work together to conduct a thorough contract close-out review to learn from the experience and apply lessons learned to future procurement activities.
Time: 5 minutes Questions: 5
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Project Management Professional Preparation Package (2024)
- Earn 35 PDUs needed for your PMP certification
- 10107 Superior-grade Project Management Professional practice questions.
- Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
- Unlock Effortless PMP 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