Project Closing

 Project Closing represents the last stage of the project lifecycle management. It is the formal end of the project and the closure of all project activities including ensuring that all the deliverables have been made to satisfaction and the closing of all the project-related contracts and documents. This stage ensures a proper closure of all the activities and formal closure of the project in a manner that leaves no questions unanswered as the stakeholders are contented with the aims and goals of the projects.

                                                                             

Project Closing

The purpose of the Project Closing stage is to finalise a project by carrying out all the required documentation, withdrawal of the resources and provision of an account on the lessons learnt that will aid in future projects. It also includes having final approvals and making sure that performance of the project has been performance-evaluated in regard to the original objectives discussed.

Tools and Techniques of Project Close-down

1. Lessons Learned Register: A document that records details about completed lessons learned during the course of the project including those that worked and those which did not, and can be referred to by future projects.

2. Project Closure Checklist: A checklist that is to be utilized in order to verify all closing activities such as: checking delivery of the work, terminating the contracts, and/or liberation of the resources.

3. Project Report: This is a detailed description of what the project has done with regards to its performance, scope, time, cost, quality and the level of satisfaction to various stakeholders.

4. Earned Value Management (EVM): EVM is used to analyze the overall performance of the project both on cost and schedule basis, it determines how well the project followed or performed as per the initial schedule.

5. Project Management Software: To correspond with and assemble the final processes of the project completion, the use of Microsoft Project, Asana, or Trello may be useful to archive the documents, keep the projects statuses updated.

Why is Project Closing?

1. Formal Project Completion: This gives a formal close to the project and all are bound to ensure that all the obligations are met and that it fulfills the deliverables and all the stakeholders are satisfied.

2. Lessons on Future Projects: Documentation of lessons leads to improvement in the process, avoidance of pitfalls, and sharing of best practices in future projects.

3. Resource Transition: During the phase, there is a smooth transition of the resources (both human and material) and effective control of the project documentation.

4. Customer satisfaction: Well managed closing ensures that the customer or the client has been satisfied with the outcome of its projects and this is very important as far as future business and image is concerned.

5. Legal and Financial Closure: Contracts and payments need to be finalized to prevent legal and/ or financial problems in the future meaning an organization is free of legal problems on the one hand and financial violations on the other hand.

Conclusion:

Project Closing is an imperative stage that makes sure the project should be officially made complete, stakeholders happy, resources are liberated and all should have been covered. Carefully securing the deliverables, documentation of the lessons learned and closing out of any contracts along with the requirements in starting the project management systems and providing the required information on the same shall provide a good conclusion and contribute to the knowledge base of such an organisation in future undertakings. Not only does effective closure close a project but it also serves as a basis of future projects success due to insight and feedback provisions.


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