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Close Procurements | Project Procurement Management | PMP Certification Training Online

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Published on Mar 1, 2012

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Transcript for closing procurement:

Close procurements is the last process of the Project Procurement managing. This is the process of formally closing the contract.The input of this process is the project management plan and the procurement documentation like contract, RFP, Performance Reports etc. These are the inputs, because all such documents need to be archived for future reference purposes.The key technique for this process is Procurement audits. The aim of procurement audit is to identify successes and failures of the contract administration process and use the findings for the lesson learnt documentation.Any claims or disputes should also get resolved through negotiation before closing the contract.The output of the contract closure is actual letter handed over by the buyer to the seller informing about the contract closure.
Organization process assets also get updated as a result of this process, mainly the lesson learnt part.

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