UNIT VPROJECT CLOSING PROCESS

BY NISHANT

Closing a project Closing a project is a process of finalizing all activities across all the project management groups to formally close the project or a project phase.

Two procedures are developed to establish the interaction necessary to perform the closure activities across the entire project or for a project phase:◦ Closing Procurements◦ Closing Project or Phase(Administrative Closure)

The process also includes activities to investigate and document the reasons if a project is terminated before completion.

Procurement Closure Procurement closure involves: Verification that all work and deliverables were acceptable Administrative activities such as finalizing open claims, updating records to reflect final results and archiving such information for future use

Note—The above is applicable for all contracts applicable to the project.

Administrative Closure Administrative closure includes:

• Close each phase of the project

• Collect and summarise project results, compare to plan time, cost, scope and technical approach

• Gathering the lessons learned

• Formal documented acceptance by customer

• Archive and index project records for future reference

Project ClosureThe data to be documented includes: Administrative closure Product verification Early contract termination conditions Payment terms Formal acceptance documentation Project files Project closure documents Historical information

Assignment Explain the importance of documenting lessons learned.

Explain the formal way of closing the project after archiving the project records

THANKS