Explain the process for conducting and closing procurements.

Include the following with references:

• Outline and explain high-level process steps for conducting project procurements.
• Outline and explain contract administration policies and procedures.
• Describe the tools and techniques for the contract administration process, including the following:
  • Contract change control process
  • Procurement performance reviews
  • Inspections and audits
  • Performance reporting
  • Payment process (n/30, n/60, and so forth)
  • Records management system (RMS)
• Describe conflict resolution techniques used while managing contractual relationships.
• Outline steps to be taken to close out project procurements.
• Explain the importance of closing project procurements and accounts.
• Examine external influences on the procurement and risk management process.
• Analyze the relationship between the risk response plan and the external influences.