What is Project Termination?

For any project, the contract should have provisions for stopping work before completion.

Termination can be for cause or for convenience:

• The buyer may terminate a contract for cause if the seller breaches the contract (eg. does not perform).
• The buyer can terminate the contract because they no longer want the work done.

Termination automatically puts the project into closing process group.

What are the major activities for Contract Closure?

The major activities for Contract Closure include:

• Creating and delivering legal documents such as release of lien documents and formal acceptance letter.
  
• Project Archives for Contract File including:
  - Contract
  - Changes
  - Submittals from the seller
  - Seller Performance Reports
  - Financial information
  - Inspection results
  - Lesson Learned

What is Procurement Audit in PMP?

A procurement audit is:

• a formal evaluation of both supplier's performance of the contract, as well as the effectiveness of the procurement process itself.
  
• to establish a record that may be used to shape procurement practices in other contracts for this project or for other projects.

What is Contract Closure?

Contract Closure as defined in PMP means:

• Is the process of ensuring that contract obligations have been met on both sides and resolving any outstanding issues.
  
• Involves verifying that work was done and delivered as specified, updating contract records accordingly and arrange for final settlement of contract obligations.

Updates to the Project Management Professional (PMP) Certification Exam on 31August2011

Sorry I was a bit late to this but if you are interested to know what is in the latest change, please find the information from PMI website below:

http://www.pmi.org/Certification/Project-Management-Professional-PMP/Updates-to-PMP-Certification-Exam.aspx

PMBOK 5th Edition is Underway

According to PMI, the 5th edition of the PMBOK is underway:

http://www.pmi.org/PMBOK-Guide-and-Standards.aspx

So far, we have not been given much information on what will be the change and what will be included in the latest exam.  If anyone who has such information, please share with all of us in this site.

Contract Change Request

What is a Contract Change Request?

• is any requested change to a contract terms.
• involve changes to scope, cost, delivery data or quality of goods or services.