The project closing phase is where all the hard work comes together. Although sometimes rushed, this phase is vital for project and organisational success. It’s not just about ticking off the final tasks – it’s about making sure everything is completed properly, lessons are learned, and nothing is left unfinished. A well-managed project closing phase ensures the project is officially wrapped up, stakeholders are satisfied, and teams are ready to move on to the next challenge.

But first – the project lifecycle is the step-by-step framework that guides a project from an idea to completion. If you’re not familiar with the Project Lifecycle, then read here.

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What is the Project Closing Phase?

The project closing phase is the final stage in the project management lifecycle. It involves completing all activities related to the project, verifying that all work has been finished, and formally closing the project. The project closing phase confirms that the project's objectives have been met. It ensures that all deliverables have been handed over to the appropriate stakeholders. It also includes finalising any remaining administrative tasks, such as archiving documents.

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Why Is the Project Closing Phase Important?

The project closing phase is crucial because it ensures that all project tasks and deliverables are completed as planned. It ties up loose ends. It results in stakeholders (including the client) formally accepting the project and confirming that expectations have been met. This phase also releases resources, including team members and equipment, so they can be reassigned to other projects.

Financial closure is another key aspect, as it ensures that all payments to vendors are settled and final budget reports are completed. Additionally, the project closing phase allows teams to reflect on the project by documenting lessons learned. This helps identify what worked well and what could be improved. This contributes to better project management in the future.

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Key Documents during the Project Closing Phase

Several important documents are prepared during this phase:

1. Project Closure Report: A comprehensive document that summarises the project, including its objectives, outcomes, challenges faced, and lessons learned.
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2. Final Project Budget: A detailed account of project expenses. As part of this, initial estimates are compared with actual costs.
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3. Project Sign-Off: Written confirmation from stakeholders that they have reviewed and accepted the project deliverables.
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4. Lessons Learned Document: A record of insights gained during the project, highlighting what worked well and what could be improved in future projects.
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5. Archived Project Files: Organised storage of all project documents, including plans, reports, and correspondence, for future reference.

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Key Players during the Project Closing Phase

Several individuals and groups play vital roles in the project closing phase:

• Project Manager: Leads the closing process, ensuring all activities are completed, documents are finalised, and lessons learned are documented.
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• Project Team Members: Assist in finalising tasks, providing feedback for evaluations, and contributing to the lessons learned documentation.
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• Stakeholders/Clients: Review and formally accept the project deliverables, providing feedback on the project's success.
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• Vendors/Suppliers: Ensure that all contractual obligations are met and that final payments are processed.
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• Project Management Office (PMO): May oversee the closing process to ensure it complies with organisational standards. They may also help archive project documents.

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Best Practices for the Project Closing Phase

Several key activities take place during the project closing phase:

Best Practice 1: Project Completion is Confirmed

To do so, the project is reviewed against the project plan to confirm all work is complete and objectives are met.

Best Practice 2: Formal Acceptance is Obtained

Stakeholders confirm (in writing) that they accept the project deliverables.

Best Practice 3: Resources are Released

Team members are reassigned, equipment is released, and contracts with external vendors are terminated.

Best Practice 4: Project Post-Mortem is Undertaken

Conducting an evaluation of the project's performance, including what was successful and what could be improved.

Best Practice 5: Lessons Learned are Documented

Recording insights from the project to inform future projects.

Best Practice 6: Project Documents are Archived

Organising and storing all project-related documents for future reference.

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Key Takeaways of the Project Closing Phase

The project closing phase is a critical component of the project management lifecycle. It verifies that all project activities are completed. It proves that deliverables are accepted. It allows resources to be released. Properly executing this phase contributes to organisational learning and sets the foundation for future project success.

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