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This assignment is designed to help you improve your communication, critical thinking, and research skills.  Your deliverable should answer the following questions:

·
What did you learn this week?

·
Was the material valuable and/or applicable? Please elaborate. 

·
If yes, how are you planning to use this material in the future?

·
If no, what changes would you recommend?

Closeout Procurement Events

Closeout Procurement Events

 During a course of a project, the project manager ends up building relationships with supplier/vendors and subcontractors, and these relationships allowed for the agreement of business transactions, resulting in resources, materials and supplies, and equipment and facilities being obtained and used in project activities to accomplish the project objective. 

In most cases, these relationships are built as a result of performance where each party has completed their responsibility in the agreement to the satisfaction of the other party. This relationship, as it improves with each transaction, works to reduce the risk for both parties and promotes good business. The final component of the procurement cycle is to evaluate the successful delivery of a product or service and final payment.

Objectives:

· Analyze what affects can claims and disputes have on a project or an organization.

· Assess the process for closing a risk event.

· Cite an example of how a transaction is properly closed.

· Discuss how claims and disputes can create problems in closing procurement activities.

Activities:

· Read, view, and engage with Readings and Resources.

· Actively participate in Unit Discussions.

· Complete and submit the Unit 7 assignment.

Readings and Resources

Textbook or eBook:

Wilson, R. (2015). 
Mastering risk and procurement in project management.  Upper Saddle River, NJ: Pearson FT Press. 

· Chapter 9: Close Risk Events

· Chapter 10: Close Procurements

The Project Management Body of Knowledge (PMBOK) Guide, created by the Project Management Institute (PMI), consists of widely accepted standards, frameworks, techniques, processes, and terminology for the project management profession.

· Project Management Institute. (2021).

 A guide to the project management body of knowledge
 (PMBOK Guide) (7th ed.). Project Management Institute, Inc.

Articles, Websites, and Videos:

The following article discusses the process of contract closeout.

· AcqNotes (n.d.). 
Contracts & legal: Contract closeout.

The following video briefly discusses risk events.


Top 10 Procurement Risks


Risk Management: Risk Response Plan


Close Procurements | Project Procurement Management | PMP Certification Training Online


Disputes in Public Highway Projects

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