1. Click on Next to continue Next Introductio n Input Tools and Techniques Outputs The process of Completing each project procurement Part of the overall Close Project Phase Involves the administrative activities related to claims, change requests and final procurement results Includes either the completion of each contract or the handover of contracts for on-going administration for the life of the product or service that has been purchased Early termination of a contract is a special case of procurement closure and can occur by mutual agreement or when either the buyer or seller fails to meet agreed terms and obligations Legal action can occur on unresolved claims even after the contract has been closed Occurs during Close Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control 12.4 Close Procurements: Introduction

2. Click on Next to continue Next Previous Introductio n Input Tools and Techniques Outputs Inputs to Close Procurements Procurement Documents Project Management Plan Contract Tools and techniques to Close Procurements – Adapted from PMBOK 4 th Edition Procurement Audits Records Management System Negotiated Settlements 12.4 Close Procurements: Inputs

3. Click on Next to continue Next Previous Introductio n Input Tools and Techniques Outputs Procurement Audits –A structured review of the procurement process that may have been specified in the Plan procurements process and then carried out during Administer Procurements and Close Procurements –The objective is to identify successes, failures and lessons learned Negotiated Settlements –Final equitable settlement of all outstanding issues, claims and disputes –Direct negotiation between the buyer and seller is preferred, if not possible then mediation, arbitration or legal action may be required Adapted from PMBOK 4 th Edition 12.4 Close Procurements: Tools and Techniques

4. Click on Next to continue Next Previous Introductio n Input Tools and Techniques Outputs Record Management Systems –Used by the Project Manager to manage contract and procurement documentation and records –Contains a retrievable archive of all contract documentation, correspondence and performance reports Adapted from PMBOK 4 th Edition 12.4 Close Procurements: Tools and Techniques

5. Introductio n Input Tools and Techniques Outputs Previous Outputs of this process include – Closed Procurements –Formal written notice of contract completion –Contract closure performed as per terms and conditions of the contract and the Procurement Management Plan Organisational Process Assets –Procurement File –Deliverable Acceptance and Sign Off –Lessons Learned documentation Adapted from PMBOK 4 th Edition InitiationPlanning ExecutionClose Monitor Control 12.4 Close Procurements: Outputs