Closing Out the Procurements

Procurements have life cycles of their own—just like projects. I talked about the contract life cycles in Chapter 9, “Conducting Procurements and Sharing Information.” As such, procurements and contracts come to a close just as projects come to a close. As you might guess, there is a process that deals with procurement closings; it’s called Close Procurements.

The Close Procurements process is concerned with completing and settling the terms of the procurement. It supports the Close Project or Phase process because the Close Procurements process determines whether the work described in the procurement documentation or contract was completed accurately and satisfactorily. This is called product verification. Projects that have multiple deliverables may have procurements for some of the deliverables but not all. Obviously, this process applies only to those phases, deliverables, or portions of the project that were performed under some form of procurement.