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This lesson focuses on how to close procurements. This is the process that ensures that each project procurement is completed. The instructor also offers a brief summary of the entire module Remember procurement is the process of a company seeking outside resources and/or help when doing a project. [toggle_content title="Transcript"] The final process in procurement is close procurements. This is actually the second last process within the whole project management plan as well. Close procurements process ensures that each project procurement is completed. This process creates the close procurements and organizational process asset updates. The inputs are the project management plan and procurement documents. The tools used are procurement audits, procurement negotiations and records management systems. Under this process you are creating close procurements, this is closing out any final contracts you have in place. Under these procurement negotiations as a tool, you are trying to ensure that everything is done. The vendor did what they are supposed to do, they can be paid. The goal is to have procurement negotiations happen, and be able to settle. If there is a disagreement, and it can't be settled between the two parties, it'll then go to litigation, and could end up in court being sued over not paying or the vendor not being able to perform the work that they were supposed to do. Organizational process assests updates, you are probably going to update like it could be like a SharePoint site basically saying that the project is complete, its close, we're going to file away, all our documents to show that the project is complete or the procurement or whatever type of contracts that are in place. Your inputs are the project management plan and procurement documents. Procurement audits...going through making sure all the paperwork is in place. Records management system is a system to make that enough paperwork is generated for that contract and how it is going to be archived. In conclusion of procurements, we have covered how to close the procurements, we also went over the different types of contracts, you can go out to get a subcontractor, who the buyers and sellers are and the impacts of each one types of contracts. Procurement is going outside your company to either get help with resources or some type of product or it can be buying material. [/toggle_content]