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PMP Exam Cram™ 2 by Greg Horine, David Francis

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Contract Closeout

The first Closing process is contract closeout. Contract closeout is a process that consists of the following activities:

  • Product verification

  • Administrative closeout

  • A procurement audit

  • Formal acceptance

It is helpful to have a solid understanding of these four items; however, at a minimum, make certain for the exam that you know they are a part of contract closeout, which is a step in the Project Closing process.

Product verification must be completed to ensure that all work was done according to the specifications in the contract.

Administrative closeout includes the updating and finalization of records. For exam purposes, it is also important to remember that contract payment and lessons learned are a part of administrative ...

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