After the project is closed, the project manager has to complete a contract file. All contracts used on the project go into a set of indexed records. This gives the project manager and the delivering organization a formal set of records about who delivered the work on the project and when it was delivered. It should be obvious that you will have contracts on major projects where vendors are helping do the work of the project. On projects that are done internally, particularly small projects, it is unlikely that you will have contracts to index. Some organizations use contracts between divisions when a project is performed. Mostly this becomes an accounting function. These contracts should be saved, too.
The answer is C. If you simply put all the contracts in a big file without an index, you will have nightmarish times trying to find a specific contract three years after the project has been completed. As a project manager, there is one other factor to consider when contracts are involved between an outside vendor and the organization desiring the project. With many vendors, sub-contractors will be doing various parts of the overall work for the project. You want to be sure that all the subs are paid before the primary vendor is paid. This alleviates potential problems after the project is closed.
The answer is B. It is important to get the subs paid. The project manager can check on this or make it a requirement of the vendor. The closing phase of a project is extremely important. You cannot be successful unless you know how to close a project. By stating a final deliverable and then going through both Administrative Closure and Contract Closeout, you will be ensuring that all the work done on the project has been finished. The better a project manager is at closing the project, the more often that project manager will have satisfied stakeholders, which is an important factor in being a professional project manager. |