HKSM

Overseeing buyer-seller relationships, tracking how contracts are executed, implementing approved changes or corrections when needed, and formally completing and closing each procurement agreement.

Key Points

• Manage day-to-day interactions with sellers in line with contract terms and the communications plan.
• Monitor deliverables, KPIs/SLAs, and compliance; document results in performance reports.
• Administer contract changes, corrections, and claims through the contract change control process.
• Close procurements by verifying completion, releasing obligations, making final payments, and archiving records.

Example

On a construction project, the PM oversees an HVAC subcontract. The team inspects installed units against specs, logs a variance, and issues a change order to correct airflow capacity. After the contractor fixes the issue and passes inspection, the PM approves the final invoice, updates the procurement file, captures lessons learned, and closes the contract.

PMP Example Question

During execution, a supplier warns of a two-week delay. The PM reviews the contract, negotiates a schedule change order, updates performance reports, and adjusts payments to milestones. Which process is being performed?

1. Plan Procurement Management
2. Conduct Procurements
3. Control Procurements
4. Close Project or Phase

Correct Answer: C — Control Procurements

Explanation: These actions manage ongoing buyer-seller performance, apply contract changes, and update records, which are core activities of Control Procurements.