PROJECT MANAGEMENT.

Procurement - Contract Closeout Options Menu: Contract execution and closeout often fall on the project manager as the project manager works with the vendor (supplier) to complete project work. Describe best practices that a project manager should follow to ensure the contract is able to be closed and the stakeholders are satisfied. (250 words)

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
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1PROJECT MANAGEMENT
Procurement - Contract Closeout Options
Following are the best practices which are to be considered by the project manager to
make sure that contract is closed and stakeholders are satisfied:
i. Once the project is closed, completion of project stakeholders and product delivered to
customer there is required to obtain formal acceptance of the stakeholders for completed
project task (Ding, 2016).
ii. As the project is closed, the procurement manager should complete payments made to the
suppliers. Then there is closure of procurement phase (Pheng, 2018).
iii. In order to ensure stakeholder’s satisfaction, formal acceptances of project deliverables
are to be taken from them. The stakeholders provide it through written document and
email. When the stakeholders sign off the project document, then it stated that they accept
project outputs.
iv. The project performance report included cost, schedule, quality are calculated as
procurement closure step. It should review if the project is completed under budget or not
(Ding, 2016).
v. Final versions of project plan and project documents are being achieved into the business
records.
vi. A lesson learned documents are gathered from project stakeholders to store assets of
company. On weekly basis, the lessons learned documents are updated as per project
progress.

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vii. After completion of project plan, the project products are handed to the end customers
(Pheng 2018). The handover is required period of documents described how to operate
the product in the business organization.
viii. All the project resources are closed; inputs of lessons learned from resources are being
collected and released of project resources.

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References
Ding, R. (2016). Project Closure Aiming for Maximum Value. In Key Project Management
Based on Effective Project Thinking (pp. 325-338). Springer, Berlin, Heidelberg.
Pheng, L. S. (2018). Project Integration Management. In Project Management for the Built
Environment (pp. 47-61). Springer, Singapore.