Write a 700- to 1,050-word paper in which you explain the process for conducting and closing procurements.

Include the following:

• Explain high-level process steps for conducting project procurements.
• Explain contract administration policies and procedures.
• Compare 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)
• Analyze conflict resolution techniques used while managing contractual relationships.
• Assess steps to be taken to close out project procurements.
• Evaluate the importance of closing project procurements and accounts.
• Assess external influences on the procurement and risk management process.
• Analyze the relationship between the risk response plan and the external influences