The Close Procurements process is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the four Procurement knowledge area processes, and one of the two Closing processes.
The primary purpose of this process is to complete all the project’s procurements. It is closely tied with the Close Project or Phase process. The Project Management Plan is used for guidance for this process, as are all the collected and organized procurement documents. A records management system can help organize information for this process. For use in future procurements, a procurement audit may be performed to learn what worked well and what should be done differently next time. Any disputes over the contract need to be resolved, leading to negotiated settlements. The procurement file, deliverable acceptance, and lessons learned documentation may be added to the Organizational Process Assets, so an output of this process is Organizational Process Assets Updates. The primary output is the closed procurements, in which the buyer gives the seller formal written notice that the contract has been completed.
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Posted on July 13, 2009 by tapuniversity
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