99. PMP Tutorial | Project close Procurement process overview

Let's learn about Close Procurements process in this PMI PMP PMBOK based project management based tutorial video.
Close Procurements is the process of completing each procurement.
The key benefit of this Close Procurements process is that it documents agreements and related documentation for future reference.
The Close Procurements process also involves administrative activities such as finalizing open claims, updating records to reflect final results, and archiving such information for future use.
Close Procurements addresses each contract applicable to the project or a project phase.
In multiphase projects, the term of a contract may only be applicable to a given phase of the project.
In these cases, the Close Procurements process closes the procurement applicable to that phase of the project.
Unresolved claims may be subject to litigation after closure.
The contract terms and conditions can prescribe specific procedures for agreement closure.
Here the ITTO,input,tools,techniques,output of PMP Close Procurements process
Per PMP PMBOK-5, Input of project Close Procurements process is,
.1 Project management plan
.2 Procurement documents

PMP PMBOK-5 says following tools and techniques are used in project Close Procurements process
.1 Procurement audits
.2 Procurement
negotiations
.3 Records management
system

Following are the output of project Close Procurements process as per PMP pmbok-5
.1 Closed procurements
.2 Organizational process
assets updates

Видео 99. PMP Tutorial | Project close Procurement process overview канала Kavin Kumar