Step 6: Close the Project
Overview: Once the vendor has satisfied the scope of work, there are always a few loose ends to tie up.
Process: Follow the steps below to close out the project.
Practice these steps:
Step 1: Get a Final Invoice - Check with the vendor to make sure a final invoice is submitted for payment and instruct them that the project will be closed and subsequent invoices will be rejected. This will prevent the vendor from trying to sneak additional charges in at a later time.
Step 2: Critique the Project - Take a few minutes to review the project as a whole. Look for opportunities to improve the procurement process, the project management process, and of course the vendor's performance. Decide if the vendor provided good value and whether or not they should be asked to bid again. Was their performance in line with other similarly priced vendors? If there were project overruns and/or schedule delays, make sure the root causes are understood. Provide constructive feedback to the vendor.
Step 3: File Project Materials - Make sure all project materials are properly filed and/or achieved. This should include the bid package, proposals, and final project deliverables.
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