Explanation/Reference:
Explanation:
12.4.3.2 Organizational Process Assets Updates
Elements of the organizational process assets that may be updated include, but are not limited to:
Procurement file. A complete set of indexed contract documentation, including the closed contract, is

prepared for inclusion with the final project fles.
Deliverable acceptance. Documentation of formal acceptance of seller-provided deliverables may be

required to be retained by the organization. The Close Procurement process ensures this documentation requirement is satisfed. Requirements for formal deliverable acceptance and how to address nonconforming deliverables are usually defined in the agreement.
Lessons learned documentation. Lessons learned, what has been experienced, and process

improvement recommendations, should be developed for the project fle to improve future procurements.
Process: 12.4 Close Procurements
Definition: The process of completing each project procurement.
Key Benefit: The key benefit of this process is that it documents agreements and related documentation for future reference.
Inputs
Project management plan

Procurement documents

Tools & Techniques
Procurement audits

Procurement negotiations

Records management system

Outputs
Closed procurements

Organizational process assets updates