Subtitles of the Movie

To close out this section focusing on the contract closure process, we'll go through the workbook exercises that specifically relate to this process. You'll find a total of 12 questions and just a reminder that the workbook exercises are all included within your Work Files. Question one, what is the purpose of this process? That is to complete and settle each contract, including resolution of open items and closing each contract applicable to the project. Next includes a review of the inputs, tools and techniques and outputs. Question 2, the inputs includes procurement management plan, contract management plan, contract documentation and contract closure procedure. Question three, the tools and techniques, includes two: procurement audits and records management system and finally we have two outputs for question four: close contracts and updates to the organizational process assets. Moving right along to question five, what is the purpose of procurement audits? And the purpose is to identify successes and failures that should be brought to light and considered within the preparation or administration of other procurement contracts within the project. Question six a follow-up question to five: what do procurement audits focus on? And they focus on the procurement processes from the plan purchases and acquisitions process through the contract administration process. The goal here is to continue improving the processes, making them more efficient and avoiding similar mistakes. Question seven is an easy one. What process group does the contract closure process belong to? That is the closing process group. The name of the process gives it away. Question eight, nine and ten are multiple choice, offering the same three options. Question eight says which of the following is dictated by the contract terms? Is it A, procurement audits; B, records management systems or C, close contracts? The answer is C, close contracts. Question nine: which of the following is part of the project management information system? The answer is B, records management systems. And question ten, which of the following looks to improve the procurement processes? The answer is A, procurement audits. Question 11 says the outputs of this process include updates made to the organizational process assets. Name the three updates. These include the contract file, deliverable acceptance and lessons learned documentation. And for the final question, we have a fill-in-the-blank. Blank includes a formal written notice provided to the seller and is provided by the buyer through an authorized contract administrator. The correct answer is close contracts. Remember that it's critical to get from the buyer this formal written notice saying that they accept the deliverables and that the contract has been completed. That concludes this movie on the workbook exercises relating to the contract closure process, also closing out the process review and section.