1. Project Management Professional (PMP)® Exam Review
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2. Project procurement Management
Chapter 12
Project procurement Management

3. PROJECT PROCUREMENT MANAGEMENT
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller of the products, services, or results of a project.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

4. PROJECT PROCUREMENT MANAGEMENT
12.1 Plan Procurement Management—The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.* 12.2 Conduct Procurements—The process of obtaining seller responses, selecting a seller, and awarding a contract.* 12.3 Control Procurements—The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate.* 12.4 Close Procurements—The process of completing each project procurement.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

5. Terminologies
Contract. A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.*
Agreements. Any document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, , etc.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

6. Market Structures Monopoly Oligopoly Monopolistic Competition
Perfect Competition
Sole / Single Source
Designating a company contracted, without competition, to be the sole supplier of a product or service.

7. Monopolistic Competition
MARKET STRUCTURE
Characteristic
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Number of firms
Type of product
Ease of entry
Examples of industries
Many
Identical
High
Wheat
Apples
Differentiated
Selling DVDs
Restaurants
Few
Identical or differentiated
Low
Manufacturing computers
Manufacturing automobiles
One
Unique
Entry blocked
First-class mail delivery
Tap water

8. Seller & Buyer
Seller - A provider or supplier of products, services, or results to an organization.*
Buyer - The acquirer of products, services, or results for an organization.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

9. 12.1 Plan Procurement Management
Project Procurement Management
12.1 Plan Procurement Management

10. 12.1 Plan Procurement Management
Plan Procurement Management is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

11. Plan Procurement Management
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358

12. Plan Procurement Management : Inputs
Project Management Plan
Requirements Documentation
Risk Register
Activity Resource Requirements
Project Schedule
Activity Cost Estimates
Stakeholder Register
Enterprise Environmental Factors
Organizational Process Assets
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358

13. Organizational Process Assets
The various types of contracts used by the organization will influence this process. Some of the most popular contracts types are:
Fixed- Price Contracts
Cost-reimbursable Contracts
Time and Material Contracts
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358

14. Fixed Price Contract
An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.
Different Types of Fixed Price Contracts:
Firm-Fixed-Price Contract (FFP)
Fixed Price Incentive Fee Contract (FPIF)
Fixed-Price with Economic Price Adjustment Contracts (FP-EPA)

15. Fixed Price Contract Firm-Fixed-Price Contract (FFP)
A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.*
Fixed Price Incentive Fee Contract (FPIF)
A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.*
Fixed-Price with Economic Price Adjustment Contracts (FP-EPA)
A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

16. Cost-reimbursable Contract
A type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing seller’s profit. Cost-reimbursable contracts often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment.*
Different types of Cost Plus contracts
Cost Plus Fixed Fee (CPFF)
Cost Plus Incentive Fee (CPIF)
Cost Plus Award Fee (CPAF)
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

17. Cost-reimbursable Contract
Cost Plus Fixed Fee Contract (CPFF).
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).*
Cost Plus Incentive Fee Contract (CPIF).
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

18. Cost-reimbursable Contract
Cost Plus Award Fee Contracts (CPAF).
A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

19. Time and Material Contracts (T&M)
A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts. *
Time and material contracts resemble cost-reimbursable type arrangements in that they have no definitive end, because the full value of the arrangement is not defined at the time of the award. *
Thus, time and material contracts can grow in contract value as if they were cost-reimbursable type arrangements. *
Conversely, time and material arrangements can also resemble fixed-price arrangements. *
For example, the unit rates are preset by the buyer and seller, when both parties agree on the rates for the category of senior engineers.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

20. Plan Procurement Management : T&T
Make-or-buy Analysis
Expert Judgment
Market Research
Meetings
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358

21. Plan Procurement Management : T&T
Make-or-buy Analysis
The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

22. Plan Procurement Management : T&T
Market Research
The process of gathering information at conferences, online reviews, and a variety of sources to identify market capabilities.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

23. Plan Procurement Management: Outputs
Procurement Management Plan
Procurement Statement Of Work
Procurement Documents
Source Selection Criteria
Make-or-buy Decisions
Change Requests
Project Documents Updates
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358

24. Plan Procurement Management: Outputs
Procurement Management Plan
A component of the project or program management plan that describes how a project team will acquire goods and services from outside the performing organization.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

25. Plan Procurement Management: Outputs
Procurement Statement Of Work
Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

26. Plan Procurement Management: Outputs
Procurement Documents
The documents utilized in bid and proposal activities, which include the buyer’s Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal, and seller’s responses.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

27. Plan Procurement Management: Outputs
Source Selection Criteria
A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

28. Plan Procurement Management: Outputs
Make-or-buy Decisions
Decisions made regarding the external purchase or internal manufacture of a product.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-2, Page 358
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

29. Project Procurement Management
12.2 Conduct Procurements

30. 12.2 Conduct Procurements
Conduct Procurements is the process of obtaining seller responses, selecting a seller, and awarding a contract.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

31. Conduct Procurements
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371

32. Conduct Procurements : Inputs
Procurement Management Plan
Procurement Documents
Source Selection Criteria
Seller Proposals
Project Documents
Make-or-buy Decisions
Procurement Statement Of Work
Organizational Process Assets
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371

33. Conduct Procurements: T&T
Bidder conference
Proposal evaluation techniques
Independent estimates
Expert judgment
Advertising
Analytical techniques
Procurement negotiations
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371

34. Conduct Procurements: T&T
Bidder conference
The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or pre-bid conferences.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

35. Conduct Procurements: T&T
Proposal Evaluation Techniques
The process of reviewing proposals provided by suppliers to support contract award decisions.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

36. Conduct Procurements: T&T
Independent Estimates
A process of using a third party to obtain and analyze information to support prediction of cost, schedule, or other items.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

37. Conduct Procurements: T&T
Advertising
The process of calling public attention to a project or effort.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

38. Conduct Procurements: T&T
Procurement negotiations
Procurement negotiations clarify the structure, requirements, and other terms of the purchases so that mutual agreement can be reached prior to signing the contract.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

39. Conduct Procurements: Outputs
Selected Sellers
Agreements
Resource Calendars
Change Requests
Project Management Plan Updates
Project Documents Updates
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371

40. Conduct Procurements: Outputs
Selected Sellers
The sellers which have been selected to provide a contracted set of services or products.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, Figure 12-4, Page 371
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

41. Project Procurement Management
12.3 Control Procurements

42. 12.3 Control Procurements
Control Procurements is the process of managing procurement relationships, monitoring contract performance, and making changes and corrections to contracts as appropriate. *
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

43. Control Procurements
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.

44. Control Procurements : Inputs
Project Management Plan
Procurement Documents
Agreements
Approved Change Requests
Work Performance Reports
Work Performance Data
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.

45. Control Procurements : T&T
Contract Change Control System
Procurement Performance Reviews
Inspections and Audits
Performance Reporting
Payment Systems
Claims Administration
Records Management System
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.

46. Control Procurements : T&T
Contract Change Control System
The system used to collect, track, adjudicate, and communicate changes to a contract.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

47. Control Procurements : T&T
Procurement Performance Reviews
A structured review of the seller’s progress to deliver project scope and quality, within cost and on schedule, as compared to the contract.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

48. Control Procurements : T&T
Inspections and Audits
A process to observe performance of contracted work or a promised product against agreed-upon requirements.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

49. Control Procurements : T&T
Performance Reporting
Work performance data and reports supplied by sellers are evaluated against the agreement requirements.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

50. Control Procurements : T&T
Payment Systems
The system used to provide and track supplier’s invoices and payments for services and products.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

51. Control Procurements : T&T
Claims Administration
The process of processing, adjudicating, and communicating contract claims.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

52. Control Procurements : T&T
Records Management System
A specific set of processes, related control functions, and tools that are consolidated and combined to record and retain information about the project.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

53. Control Procurements : Outputs
Work Performance Information
Change Requests
Project Management Plan Updates
Project Documents Updates
Organizational Process Assets Updates
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-6, Page 379.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

54. Project Procurement Management
12.4 Close Procurements

55. 12.4 Close Procurements
Close Procurements is the process of completing each procurement.*
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

56. Close Procurements
Administrative activities such as finalizing claims, updating final results and archiving will take place in this process.
This process needs to be performed even for early termination of contracts.
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute Inc., 2013, Page 387.

57. Close Procurements
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.

58. Close Procurements: Inputs
Project Management Plan
Procurement Documents
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.

59. Close Procurements: T&T
Procurement Audits
Procurement Negotiations
Records Management System
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.

60. Close Procurements: T&T
Procurement Audits
The review of contracts and contracting processes for completeness, accuracy, and effectiveness.*
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

61. Close Procurements: T&T
Procurement Negotiations
Negotiation
Mediation
Arbitration
Litigation
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

62. Close Procurements: Outputs
Closed Procurements
Project contracts or other procurement agreements that have been formally acknowledged by the proper authorizing agent as being finalized and signed off.*
Organizational Process Assets Updates
Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Fifth Edition, Project Management Institute, Inc., 2013, figure 12-8, Page 386.
* These definitions are taken from the Glossary of the Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK ® Guide) - Fifth Edition, Project Management Institute, Inc., 2013.

63. Project procurement Management
END OF CHAPTER 12
Project procurement Management