Close Procurements

Question 1

What is the purpose of Close Procurements?

Answer 1

Process to complete each project procurement and formally close the contracts.

Question 2

What are the Tools & Techniques?

Answer 2

1) Procurement Audits, 2) Procurement Negotiations, 3) Records Management Systems

Question 3

What is a Procurement Audit?

Answer 3

Structured review of the entire procurement process, from planning onward, to gather lessons learned for the overall process. Happens only in Close Procurements whereas Procurement Performance Reviews happens in Monitoring and Controlling.

Question 4

What is Procurement Negotiations?

Answer 4

Final settlement of all outstanding issues and claims.

Question 5

Which involves a buyer providing a seller with formal written notice, the method for which is usually defined in the contract?

Answer 5

Closed Procurements

Question 6

What will be your best reference point when closing various procurements?

Answer 6

Procurement Management Plan and the Agreements with each vendor.

Question 7

Who should you first refer for guidance if you are having difficulty closing a particular procurement because the vendor believes additional payments are due, but you believe all required payments have been made?

Answer 7

Procurement specialists from your organization.