Closing
Home / Process / Closing

Project Closure

The Project Closeout Phase is the last phase in the project lifecycle. Closeout begins when the user accepts the project deliverables and the project oversight authority concludes that the project has meet the goals established. The closing stage of a project comprises all the final processes needed to close out a project and deliver final products and reports to the stakeholders. This stage ensures that all documents and deliverables are organized and handed over to the relevant stakeholders / business units. Also, any remaining contractual obligations, payments, vendor evaluations, etc… is done during the project closing stage.

Project Closure Phase

Types of Closures included in any Project:

Administrative Closure

    Administrative closure is the process of preparing closure documentation of the product or process deliverables to the customer as well as taking other administrative actions to ensure that the project and its assets are redistributed. Delivering closure documentation does not mean getting approval and acceptance signature on the deliverable. It involves a series of steps to ensure the product meets the customer’s requirements that were defined in the Project Requirements document and approved by the customer.

Financial Closure

    Financial closure is the process of completing and terminating the financial and budgetary aspects of the project being performed. Financial closure includes both (external) contract closure and (internal) project account closure. The following sections describe some of the actions that must be taken to ensure financial closeout.

Celebration of Success

    Celebrate the success of completing a project! There is fairly universal recognition that positive reinforcement, or rewarding behavior, is an effective management tool. Because it is a goal within the state to increase the number of successfully executed projects, it is important to recognize teams that have met this goal. When success in a project is achieved, be certain to provide some recognition to the team and Ansi ByteCode LLP does that in the best way.

Some of the key actions that Ansi ByteCode LLP performs during project close out are:

Carry out required knowledge transfer activities
Prepare project closure form and attach supporting documents
Conduct project hand over sessions
Document lessons learnt
Produce final completion certificate with sponsor approval
Process any remaining payments and release any remaining funds