course hero, who is involved in formal project closing?

What is project closure step by step?

Project Closure Step #1: Confirm work is done as per the requirements Once the project is closing, all deliverables of the project must have been completed and delivered to the customer. You should also take formal acceptance of the customer for the completed work. Project Closure Step #2: Complete procurement closure

What happens if you don't close a project?

All three can be achieved through comprehensive project closing. A project manager who fails to conduct thorough project closing can leave the organization liable for compliance, or liable to a third party for payment, or even portray an image of incompetence because the project seems never to end.

What is a project closing process group?

According to A Guide To The Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition, “The Project Closing Process Group consists of those processes performed to conclude all activities across all Project Management Process Groups to formally complete the project, phase, or contractual obligations.

What should you do when a project is completed?

You should also take formal acceptance of the customer for the completed work. Since the project is closing, you should complete any remaining payments that need to be made to the suppliers or partners. The procurement steps are also completed.

What is involved in closing project?

Project closure is the critical last phase in the project management lifecycle. During project closure, the team reviews the deliverables, then compares and tests its quality to the intended project outcome. Then they share the deliverables with the project's client.

How do you close a formal project?

7 steps to closing a projectFormally transfer all deliverables. The first step to closing out your project is to finalize and transfer the project deliverables to the client. ... Confirm project completion. ... Review all contracts and documentation. ... Release resources. ... Conduct a post-mortem. ... Archive documentation. ... Celebrate.

What are the four common steps to closing the project?

Below are four steps to go through at the end of a project:Verify final delivery is complete. After submitting the final deliverable, you should follow up with your customer to confirm they received it. ... Hold a closeout meeting. ... Release your team and materials for other work. ... Ensure project documents are properly filed.

Why is formal closing of a project important?

Project closure is the last phase of finalizing all activities for the project management process (Project, phase, contract). The key benefits of this process are the project or phase information is archived, the planned work is completed, and organizational team resources are released to pursue new endeavors.

What is the project manager's role during project closeout?

The practice of project close-out finalizes all project activities completed across all phases of the project to formally close the project and transfer the completed or cancelled project as appropriate.

Which one of the following is the last step of project closings?

Answer 17. B - Explanation: Archiving is the last step in the project closing.

What are the different types of project closure?

5 Types Of Project ClosureNormal: the project goes to completion.Premature: the project is completed early and meets performance specifications.Perpetual: the project keeps getting extended primarily because of changes in the constraints.More items...

What should be in a project closure meeting?

The closing meeting agenda should include: 1) outstanding items 2) project performance against budget, schedule, and scope 3)lessons learned 4) other topics as needed. Once the project is closed, organize and store the project artifacts and deliverables in your organization's project archive.

What is the last item a project manager must do to finalize project close out?

Project closure is the last phase of a project. It's when the project manager verifies that the client, stakeholder or customer has accepted the project deliverables.

What happens when a project is closed?

Once the project is closing, all deliverables of the project must have been completed and delivered to the customer. You should also take formal acceptance of the customer for the completed work.

What is the final performance of a project?

The final performance of the project is calculated and recorded. These include cost performance, schedule performance, quality performance etc. For instance, whether the project has been completed under budget or if it could not be completed, how much did the project exceeded the planned budget?

What is formal acceptance of a project?

Formal acceptance of the project and project deliverables are taken from the customer. Usually, the customer presents a written document, it can be an email or a signed off document, which states that the project has been completed and they accept the outputs of the project.

What is project closing?

In other words, Project Closing is the combination of the following when applied to a project: Assurance that all the work has been completed, Assurance that all agreed upon project management processes have been executed, and. Formal recognition of the completion of a project—everyone agrees that it is completed.

How can project closing support my career?

Just as any professional, a project manager needs to (1) establish consensus that their work is effective and complete, (2) avoid unfavorable situations for the organization, and (3) learn from their experiences.

What is inadequate project closure?

Another result of inadequate project closure is the lack of a proper hand over or transition of the project deliverables to business as usual (or operations). When a deliverable is produced, the parties involved with operating and maintaining that product need to receive the appropriate training, awareness, and tools to do their job effectively and efficiently. They also need to understand—and commit—to their new responsibility. The number of organizations that fail to conduct this process adequately, comprehensively, and in a timely manner, is alarming.

What is formal recognition of a phase?

Conduct formal recognition of the completion of a phase. As a result of all the activities above, all stakeholders will recognize, formally, that a phase has been completed. The project team is able to establish such consensus and hold the deliverables of the elapsed phase as part of the scope baseline.

What is phase gate review?

Phase-gate reviews. The purpose of dividing a project into phases is to be able to have phase-gate reviews. They are also widely known as stage-gates, kill-points, phase-reviews, hand offs, and transition-points to name just a few of multiple widely used conventions.

What happens if a project manager fails to complete a project?

A project manager who fails to conduct thorough project closing can leave the organization liable for compliance, or liable to a third party for payment, or even portray an image of incompetence because the project seems never to end.

Why is project closing important?

Just as any of the other project management processes (Initiation, Planning, Execution, Monitoring and Controlling), Project Closing serves an important purpose for the organization and helps it avoid unfavorable and adverse scenarios.