Mastering Risk and Procurement in Project Management: A Guide to Planning, Controlling, and Resolving Unexpected Problems

10. Close Procurements

10.1 Introduction

Throughout the course of the project lifecycle and depending on the size and complexity of a project, procurements almost always play a part. As each work activity is completed, the process of ensuring every procurement has been finalized, all conditions have been met, and payments have been completed is called closing procurements. Projects are usually structured using several different project management processes as well as organizational process assets that determine how projects are structured and managed. As many of these processes are important and need to be carried out in a structured and organized fashion, the area of procurements is one of the most important, but, unfortunately, it is an area ...