CompTIA Project+ Exam Prep
- 10 hours on-demand video
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- 25 downloadable resources
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- Certificate of Completion
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- Pass the CompTIA Project+ Certification Exam
- Discuss the PMBOK 5th edition with confidence
- Explain the project management processes
- Discuss the project management knowledge areas
- Demonstrate the formulas, charts, and theories of project management
- Calculate float for complex project network diagrams
- Memorize the formulas for earned value management
- Compare and contrast processes, knowledge areas, theories, and project management best practices
- This course is worth 27 PDUs for PMP and PMI certification holders
- Some project management experience
- Relative knowledge of project concept
- Dedication to completing the course
- Goal-minded individuals dedicated to passing the Project+ examination
We are a PMI Registered Education Provider:
- Instructingcom, LLC #4082
- CompTIA Project+ Exam Prep; Activity ID 796320126
- 27 PDU hours
You need to pass the CompTIA Project+ exam and you need quality training that'll help you in your role as a project manager. You also want to learn from an authority in project management, in an online environment with plenty of exercises, videos, and concise explanations. This course provides 35-contact hours of project management education and is taught by project management author and expert Joseph Phillips.
Yes, we are a PMI Registered Education Provider! Our provider number is 4082.
Our Project+ Exam Prep course provides complete coverage of the exam objectives CompTIA Project Exam PK0-003. Start today, invest in your career, and begin working to clear your exam. Here's what's included in our Project+ Exam Prep Online Seminar:
►Complete coverage of the entire PMBOK® Guide, fifth edition
►Complete coverage of the entire Project+ exam objectives
►35 contact hours of project management education
►400 practice exam questions and answers on all exam objectives
►14 module exams (280 practice questions) covering every project management knowledge area
►Videos of all concepts, formulas, theories, and project management practices
►Lectures on the entire Project+ exam objectives
►Math and concept worksheets for Project+ exam formulas
►Worksheet of the 47 processes and their ITTOs
►24 x 7 Web and mobile access
►Flashcards of every term used in the PMBOK Guide, Fifth Edition, and this course
►Project+ Memory Sheets (PDF document) for printing, review, and on-the-go learning
►All exams are distributed in PDF format for easy printing and studying on-the-go
►Course discussions with the Instructor and peers
►30-day satisfaction guaranteed
- The CompTIA Project+ Exam Prep is geared for project managers who are preparing to PASS their Project+ examination. This course is detailed, hands-on, and explores all possibilities of the PMBOK 5th edition for the CompTIA Project+ Exam.
- The Project+ Exam Prep course is ideal for new project managers looking to earn a credential to boost their career, help their job search, or to move into management.
This course, while online, is the same course I've delivered to thousands of project manager candidates - most of whom have successfully passed either their PMP or Project+ examination. Over the years I've developed an approach that ensures exam success. Here's what's included:
- Completing the course objectives
- Utilizing the Score Keeper document
- Embracing the flashcards
- Exploring the ITTO Worksheet document
- Memorizing the PMP Memory Sheets
The Project+ certification is earned by passing the CompTIA Project+ exam. This lecture defines:
- How to apply for the exam
- Fees for the exam
- Where to take the exam
- What happens once you've earned the certification
It's been said that repetition is the mother of learning. These PMP Exam Prep Flashcards will help you learn all of the project management terms - and that'll make passing the PMP Exam even easier. There are three sets of flashcards included:
- One term per page - great for studying flashcards on your phone
- Two terms per page - great for printing or viewing on a tablet computer
- Three terms per page - ideal for printing all of the terms to study unplugged
Not everyone can take the PMP, only qualified applicants. Do you really qualify? This lecture will explain what it takes to qualify for the PMP exam and how to apply.
- Become a member of the Project Management Institute
- PMP® exam requirements
- Document your application
The Project Management Body of Knowledge, fifth edition is what the project management exams are based upon. This book, often just called the PMBOK® Guide, covers all of the exam objectives, but not always in detail. This lecture will explore what the PMBOK® Guide is and why you need it.
- Why you need the PMBOK® Guide
- Where to get the PMBOK® Guide
- This class and the PMBOK® Guide
Project management offices, sometimes just called PMOs, exist to guide, direct, or manage projects for organizations. The type of PMO in your organization will affect how you manage the project.
- Fundamentals of PMO
- Types of organizational PMO
- PMOs and the project management role
Every project is unique and it's the role of the project manager to manage that uniqueness. Add the context of organizational structure and culture to the mix and project management can become quite complex. This lecture includes:
- Managing projects within a program
- Managing the project portfolio
- Working with subprojects
The project management life cycle is universal to all projects. It is comprised of Initiating, Planning, Executing, Monitoring and Controlling, and Closing. This lecture includes:
- Exploring the project management process groups
- Defining project management processes
- The flow of project management work
There are 47 project management processes that a project manager and the project team use to move a project along. The goal of these processes is to have a successful project, but a project's success is based on more than just leveraging these processes. A successful project depends on five things:
- Using the appropriate processes at the appropriate times
- Following a defined project management approach for execution and project control
- Developing and implementing a solid project management plan that addresses all areas of the project
- Conforming the project and the project management approach to the customer requirements
- Balancing the project time, cost, scope, quality, resources, and risks while meeting the project objectives
Stakeholders can influence how smoothly your project operates. Depending on the structure your project is operating in you will manage and influence the stakeholders differently. It's important for the PMP exam to recognize the different organizational types and how the project manager may operate within each structure.
- Influencing the organization
- How organizations operate
- Considering the organizational structure
Stakeholder management is a new knowledge area in the PMBOK Guide, fifth edition. Stakeholder management happens throughout the project and requires an understanding of who a stakeholder is, their power and influence in the organization, and how the project manager can work with each stakeholder type.
- A stakeholder is anyone that can influence your project or is influenced by your project.
- Determining who is a stakeholder
- Typical project stakeholders
- Working with positive and negative stakeholders
- Managing stakeholder expectations
The project charter, as a final reminder for your exam, is endorsed by an entity outside of the project boundaries. This person or entity has the power to authorize the project and grant the project manager the power to assign resources to the project work. The project charter should define the business needs and what the project aims to create in order to solve those business needs. You'll need to know how project charters are written. This includes:
- Project statement of work
- Business cases
- Using expert judgment
- Identifying the contents of the project charter
One of the first things you'll have to achieve in your role as the project manager of a new project is to define the project's scope management plan. Now, your organization may rely on organizational process assets in the form of a template for all projects, but it's possible that you'll be creating this scope management plan from scratch. In this section, you'll learn both approaches that you can apply to your projects and your PMI exam. This lecture includes:
- Relying on project information
- Using templates and forms
- Creating the Project Scope Management Plan
- Performing product analysis
- Using alternative identification
- Interviewing experts and stakeholders
The second plan that comes out of this process is the requirements management plan. While similar in nature, this plan explains how the project will collect, analyze, record, and manage the requirements throughout the project. Like the scope management plan, this plan doesn't list the actual requirements, but sets the rules for how the project manager, team, and stakeholders will interact with the project's requirements. This plan is also a subsidiary plan for the overall project management plan. The project requirements are defined through many tools and techniques to help document the requirements and to create a requirements traceability matrix. This lecture details:
- Working with stakeholders to define requirements
- Requirement gathering techniques
- Documenting and publishing requirements
- Creating a requirements traceability matrix
A project constraint is anything that may limit the project manager's options. Common constraints can be a pre-determined deadline, a defined project budget, but also the requirements that constitute the project scope. This lecture details:
- What a constraint is
- The triple constraints of project management
- Contrasting constraints and assumptions
Requirements are the things, conditions, and end results that the project must create. A set of tiered requirements follow conditions to determine what requirements may be created in the project. This lecture defines:
- Tiered requirements
- Conditional requirements
- Documenting requirements for stakeholder approval
There are instances when not every deliverable in a project is known. In these instances, a WBS entry is used that considers the time, cost, and scope measurements for that deliverable within the WBS. The estimated performance is compared against the actual performance to measure overall performance for the deliverables within that control account.
The project management planning processes are iterative, as you know, and will happen over and over throughout the project. You and the project team—and even some key stakeholders—will work together to define the project's schedule management plan. This will happen early in the project's planning processes, but chances are good you'll need to return to schedule management planning to adjust, replan, or focus on the schedule you've created for the project. Schedules are created and designed throughout the project. This lecture will help you to understand these concepts:
- Examining policies and procedures
- Working with a deadline
- Creating the schedule based on scope
Sometimes the project manager comes into a project that already has a predetermined end date. Deadlines are constraints – and this constraint may have some hidden risks.In this lecture we'll explore how best to manage deadlines, determine the feasibility of the deadline, and what to do next in order to meet objectives.
There are two types of calendars that may affect when the project work can take place: resource calendars and project calendars.
Project calendars define the times, holidays, and other working and non-working hours for the project. Resource calendars define when resources are available for the project work.
When a project is first initiated, project managers often focus immediately on the labor and activities that will be required to complete the project work. But that focus ignores the scope. In Chapter 5, I discussed the project scope and the work breakdown structure (WBS) as prerequisites to defining the project activities. Before the work actually begins you'll need to work with the project team to define the activities to schedule. This lecture covers:
- Examining the inputs to activity definition
- Decomposing the project work
- Relying on project templates
- Using rolling wave planning
- Planning for more work
- Examining the project activities and their attributes
Now that the activity list has been created, the activities must be arranged in a logical sequence. This process calls on the project manager and the project team to identify the logical relationships between activities, as well as the preferred relationship between those activities. Once you have the activities defined you'll need to put them in the correct order. That's what this module is all about:
- Defining the activity relationships
- Determining the network structure to use
- Establishing activity dependencies
- Applying leads and lags
Resources include materials, equipment, and people. After the project manager and the project team have worked together to determine the sequence of the activities, they now have to determine which resources are needed for each activity, as well as how much of each resource. As you can guess, resource estimating goes hand in hand with cost estimating. This lecture will define:
- Considering the project work
- Examining the labor availability
- Estimating the resource need
- Creating a resource calendar
This is a scope definition process of finding alternative solutions for the project customer while considering the customer's satisfaction, the cost of the solution, and how the customer may use the product in operations.You can use alternative identification and alternative analysis whenever you have more than one choice for resources: materials, tools, resources, and vendors.
First, you identify the activities, sequence the activities, define the resources, and then estimate durations. These processes are needed to complete the project schedule and the project duration estimate. These four processes are iterated as more information becomes available. If the proposed schedule is acceptable, the project can move forward. If the proposed schedule takes too long, the scheduler can use a few strategies to compress the project. We'll discuss the art of scheduling in a few moments.Activity duration estimates, like the activity list and the WBS, don't come from the project manager—they come from the people completing the work. The estimates may also undergo progressive elaboration. In this section, we'll examine the approach to completing activity duration estimates, the basis of these estimates, and allow for activity list updates. In order to predict when the project will end you'll need to examine project activity duration.
Float, or slack, is the amount of time an activity can be delayed without postponing the project's completion. Technically, there are three different types of float:
- Free float: This is the total time a single activity can be delayed without affecting the early start of any successor activities.
- Total float: This is the total time an activity can be delayed without affecting project completion.
- Project float: This is the total time the project can be delayed without passing the customer-expected completion date.
There are a couple of different approaches to calculating float. I'm sharing the approach that I learned and that I think is the best approach. You may have learned a different method that you prefer. You won't hurt my feelings if you use your method to get the same result as my method. What's most important is that you understand the concepts of forward and backward passes, and that you can find the critical path and float in a simple network diagram.
Creating the project schedule is part of the planning process group. It is calendar-based and relies on both the project network diagram and the accuracy of time estimates. When the project manager creates the project schedule, she'll also reference the risk register. The identified risks and their associated responses can affect the sequence of the project work and when the project work can take place. In addition, if a risk comes to fruition, the risk event may affect the scheduling of the resources and the project completion date. Do you know how to calculate float? If not, this is the module you'll want to spend some time in.
Schedule compression is also a mathematical approach to scheduling. The trick with schedule compression, as its name implies, is calculating ways the project can get done sooner than expected. Consider a construction project. The project may be slated to last eight months, but due to the expected cold and nasty weather typical of month 7, the project manager needs to rearrange activities, where possible, to end the project as soon as possible.
In some instances, the relationship between activities cannot be changed due to hard logic or external dependencies. The relationships are fixed and must remain as scheduled. Now consider the same construction company that is promised a bonus if they can complete the work by the end of Month 7. Now there's incentive to complete the work, but there's also the fixed relationship between activities.To apply duration compression, the performing organization can rely on two different methods. These methods can be used independently or together, and are applied to activities or to the entire project based on need, risk, and cost.
Sometimes the project manager needs to take action to reduce the overall duration of the project. Deadlines, delays from vendors, slow work, and other issues can all bog the schedule down.Schedule compression techniques analyze where and how the project work can be shortened and takes action to reduce the overall duration. These actions aren't without some risks and costs to the project, however.
Like most things in a project, the project manager will need to work to control the schedule from slipping off its baseline. A schedule control system is a formal approach to managing changes to the project schedule. It considers the conditions, reasons, requests, costs, and risks of making changes. It includes methods of tracking changes, approval levels based on thresholds, and the documentation of approved or declined changes. The schedule control system process is part of integrated change management. This lecture will help you to understand:
- Examining the project schedule characteristics
- Examining the schedule baseline
- Reporting the project progress
- Using a schedule change control system
- Examining schedule variances
- Using schedule comparison bar charts
You need a plan just for project costs. You need a plan that will help you define what policies you and the project team have to adhere to in regard to costs, a plan that documents how you get to spend project money, and a plan for how cost management will happen throughout your entire project. Well, you're in luck! This plan, a subsidiary plan of the project management plan, is the project cost management plan. You'll need to understand all about the project's cost management plan for your CAPM exam. This lecture covers:
- Creating the cost management plan
- Adhering to organizational policies and procedures
- Relying on organizational process assets and enterprise environmental factors
Assuming that the project manager and the project team are working together to create the cost estimates, there are many inputs to the cost-estimating process. For your PMI exam, it would behoove you to be familiar with these inputs because these are often the supporting details for the cost estimate the project management team creates. Cost estimating uses several tools and techniques. You'll learn in this module:
- Following the organizational process assets
- Building a cost management plan
- Creating an analogous estimate
- Determining resource cost rates
- Create a bottom-up estimate
- Building a parametric estimate
- Using the PMIS
- Analyzing vendor bids
- Considering the contingency reserve
- Presenting the cost estimate
Quality isn't free. It will take time and money to achieve quality in the project. This is the cost of conformance to quality: all of the funds needed to ensure that quality exists within the project.If you don't adhere to quality, then you'll have all the negative effects of poor quality – the cost of non-conformance.
Now that the project estimate has been created, it's time to create the official cost budget. Cost budgeting is really cost aggregation, which means the project manager will be assigning specific dollar amounts for each of the scheduled activities or, more likely, for each of the work packages in the WBS. The aggregation of the work package cost equates to the summary budget for the entire project. There is a difference between what was estimated and what's actually being spent on the project. This lecture defines:
- Aggregating the project costs
- Completing project cost reconciliation
- Creating the project cost baseline
- Examining the project cash flow
Once a project has been funded, it's up to the project manager and the project team to work effectively and efficiently to control costs. This means doing the work right the first time. It also means, and this is tricky, avoiding scope creep and undocumented changes, as well as getting rid of any non-value-added activities. Basically, if the project team is adding components or features that aren't called for in the project, they're wasting time and money. Cost control focuses on controlling the ability of costs to change and on how the project management team may allow or prevent cost changes from happening.
When a change does occur, the project manager must document the change and the reason why it occurred and, if necessary, create a variance report. Cost control is concerned with understanding why the cost variances, both good and bad, have occurred. The “why” behind the variances allows the project manager to make appropriate decisions on future project actions. Managing cost control is an ongoing activity within a project. This lecture defines cost control, including earned value management.
Quality planning is the process of first determining which quality standards are relevant to your project and then finding the best methods of adhering to those quality standards. This is a great example of project integration management, which was referred to earlier. Quality planning is core to the planning process group because each knowledge area has relevant standards that affect quality, and quality planning is integrated into each planning process. Quality can be an esoteric topic, but this lecture will help.
Quality and grade are not the same thing, though they are related. Quality is about satisfying scope, conformance to project requirements, and delivering a product that is fit to use. Grade is about the ranking of technicalities or services.
Quality assurance is a management-driven process to keep mistakes out of the project. Quality assurance is sometimes called a prevention-driven process. This management process defines the quality system or quality policy that a project must adhere to. QA aims to plan quality into the project rather than to inspect quality into a deliverable.
Quality control is an inspection-driven process that measures work results to confirm that the project is meeting the relevant quality standards. Quality control inspects all of the project work to keep mistakes out of the customers' hands. Quality control is not an optional process.
How do people come onto your project team where you work? Are they assigned to your team by a functional manager? Do you work with vendors to place contractors on the project team? Do you go and campaign for certain project team members that you like to work with based on their talent and personality?
All of these approaches can be valid ways to get people onto your project team. For your examination, you'll need to recognize the pros and cons of the different approaches to get people onto your project team.
The project team is developed by enhancing the competencies of the individual project team members and promoting the interaction of all the project team members. Throughout the project, the project manager will have to work to develop the project team. The project manager may have to develop an individual team member's skills so that she can complete her assignments. The project manager will also have to work to develop the project team as a whole so that the team can work together to complete the project. The project manager can use certain tools, techniques, and approaches to develop the project team.
Now that the project manager has planned for the human resources and developed the project team, he can focus on managing the project team. This process involves tracking each team member's performance, offering feedback, taking care of project issues, and managing those pesky change requests that can affect the project team and its work. The staffing management plan may be updated based on lessons learned and changes within the team management process. The project manager will have to manage the project team. This includes:
- Observing and conversing with project team members
- Completing project team appraisals
- Resolving and managing team conflict
- Creating an issue log
Communication planning is actually done very early in the project planning processes. It's essential to answer the previous questions as early as possible because their outcomes can affect the remainder of the project planning. Throughout the project, updates to communications planning are expected. Even the responses to the five project management communication questions can change as stakeholders, project team members, vendors, and other project interfaces change.. Communication is key to most of project management. This lecture defines:
- Examining the communications model
- Analyzing communication requirements
- Determining the communications technology
- Creating the Communications Management Plan
Now that the project's communications management plan has been created, it's time to execute it. Managing project communications is the process of ensuring that the proper stakeholders get the appropriate information when and how they need it. Essentially, it's the implementation of the communications management plan. This plan details how the information is to be created and dispersed, and also how the dispersed information is archived. Managing project communications ensures that the right people, get the right message, at the right time, in the right modality.
Throughout the project, customers and other stakeholders are going to need updates on the project performance, work status, and project information. The work performance information—the status of what's been completed and what's left to do—is always at the heart of performance reporting. Stakeholders want to be kept abreast of how the project is performing, but also what issues, risks, and conditions in the project have evolved. Controlling communication is the process of following the communications management plan, distributing information, and sharing how the project is performing.
Performance reporting is the process of collecting, organizing, and disseminating information on how project resources are being used to complete the project objectives. In other words, the people footing the bill and who are affected by the outcome of the project need some confirmation that things are going the way the project manager has promised.
The risk appetite describes an organization's or person's willingness to accept risk events. In some instances there'll be no comprise on allowing a particular risk into the project. Other times, the risk's probability or impact will seem so trivial that the risk is monitored and accepted. This lecture defines the idea of risk appetite and how it may affect your projects.
Risk management planning is not the identification of risks or even the response to known risks within a project. Risk management planning is how the project management team will complete the risk management activities within the project. These activities really set up the project to effectively manage the five other risk management activities. Risk management planning creates the risk management plan.
Risk identification is the systematic process of combing through the project, the project plan, the work breakdown structure (WBS), and all supporting documentation to identify as many of the risks that may affect the project as possible. Remember, a risk is an uncertain event or condition that may affect the project outcome. Risks can be positive or negative.
The first, and somewhat shallow, risk analysis is qualitative analysis. Qualitative risk analysis “qualifies” the risks that have been identified in the project. Specifically, qualitative risk analysis examines and prioritizes the risks based on their probability of occurring and the impact on the project if the risks do occur. Qualitative risk analysis is a broad approach to ranking risks by priority, which then guides the risk reaction process. The end result of qualitative risk analysis (once risks have been identified and prioritized) can either lead to more in-depth quantitative risk analysis or move directly into risk response planning. Qualitative risk analysis is a high-level, fast method of qualifying the risk for more analysis. This lecture will define:
- Using a risk register
- Creating a risk probability and impact matrix
- Examining the data quality
- Categorizing risks
- Updating the risk register
Quantitative risk analysis attempts to numerically assess the probability and impact of the identified risks. It also creates an overall risk score for the project. This method is more in-depth than qualitative risk analysis and relies on several different tools to accomplish its goal.
Qualitative risk analysis typically precedes quantitative risk analysis. I like to say that qualitative analysis qualifies risks, while quantitative analysis quantifies risks. All or a portion of the identified risks in qualitative risk analysis can be examined in the quantitative analysis. The performing organization may have policies on the risk scores in qualitative analysis that require the risks to advance to the quantitative analysis. The availability of time and budget may also be a factor in determining which risks should pass through quantitative analysis. Quantitative analysis is a more time-consuming process, and is, therefore, also more expensive. This lecture will cover:
- Gathering risk data
- Creating a risk probability distribution
- Modeling risk data
- Creating a contingency reserve
- Updating the risk register
Risk response planning is all about options and actions. It focuses on how to decrease the possibility of risks adversely affecting the project's objectives and also on how to increase the likelihood of positive risks that can aid the project. Risk response planning assigns responsibilities to people and groups close to the risk event. Risks will increase or decrease based on the effectiveness of risk response planning. This lecture will help you learn everything there is to know for your CAPM exam about risk responses.
Risks must be actively monitored, and new risks must be responded to as they are discovered. Risk monitoring and control is the process of monitoring identified risks for signs that they may be occurring, controlling identified risks with the agreed-upon responses, and looking for new risks that may creep into the project. Risk monitoring and control also is concerned with the documentation of the success or failure of risk response plans and keeping records of metrics that signal risks are occurring or disappearing from the project. This lecture will help you to:
- Reassessing the project for risks
- Completing a risk audit
- Examining the project trends and technical performance
- Hosting a project status meeting
- Recommending corrective and preventive actions
Should you build it or buy it? If you have the resources to build a portion of the project should you use the resources to do so? What if the resources could be used somewhere else in the project and a vendor could manage the build? What's the best financial solution to this quandary? This lecture will explore a mathematical model to help determine if you should build it or buy it.
Procurement planning is the process of identifying which part of the project should be procured from resources outside of the organization. Generally, procurement decisions are made early on in the planning processes. Procurement planning centers on four elements:
- Whether procurement is needed
- What to procure
- How much to procure
- When to procure
It's not always an easy decision choosing a vendor. Price is a tempting option for selection, but sometimes the lowest bidder isn't the best bidder for your project work. This lecture will walk you through several strategies project managers can use to determine which vendor is the best vendor for the project.
Procurement management planning is an essential part of a project manager's job. Know these topics for your exam:
- Make or Buy analysis
- Determining contract type
- Creating a Procurement Management Plan
- Contracts and risk management
- Creating evaluation materials
Conducting project procurement means that you're determining which vendor to hire for your project. Once the plan-contracting process has been completed, the actual process of asking the sellers to participate can begin. Fortunately, the sellers, not the buyers, perform most of the activity in this process—usually at no additional cost to the project.
This lecture will help you to understand these topics:
- Hosting a bidder conference
- Advertising for bidders
- Developing a qualified sellers list
- Creating a Procurement Document Package
- Using a weighting system
- Working with independent estimates
- Creating a screening system
- Negotiating for the best deal
- Relying on seller rating systems
There are multiple types of contracts when it comes to procurement. The project work, the market, and the nature of the purchase determine the contract type. Here are some general rules that CAPM and CAPM exam candidates, and project managers, should know:
- A contract is a formal agreement between the buyer and the seller. Contracts can be oral or written—although written is preferred.
- The United States backs all contracts through the court system.
- Contracts should clearly state all requirements for product acceptance.
- Any changes to the contract must be formally approved, controlled, and documented.
- A contract is not fulfilled until all of its requirements are met.
Controlling procurements is the process of ensuring that both the buyer and the seller live up to the agreements in the contract. The project manager and the contract administrator must work together to make certain the seller meets its obligations, just as the vendor will ensure that the buyer lives up to its agreements as well. If either party does not fulfill its contractual requirements, legal remedies may ultimately be pursued.
A deal is a deal and this lecture will the project manager ensure that both parties, the buyer and the seller, live up to the terms of the contract.
- Creating a contract change control system
- Completing a performance review
- Paying the vendor
- Managing claims
- Creating a records management system
Once you and the vendor, or seller if you're the vendor, have a contract it's up to both parties to live up to the terms of the contract. The vendor must provide the work, services, or goods as detailed in the project contract. The buyer must live up to the payment terms, inspection time tables, and approval terms also defined in the contract. Contracts are about both parties living up to the terms of the deal.
Contract closure is analogous to administrative closure. Its purpose is to confirm that the obligations of the contract were met as expected. The project manager, the customer, key stakeholders, and, in some instances, the seller, may finalize product verification together to confirm that the contract has been completed.
Once the vendor has completed their obligations to the contract the contract and procurement process can be closed. This lecture covers:
- Auditing the procurement process
- Closing the contract
- Updating the organizational assets