Projects go through various stages. Project managers focus on proposals and they work hard on successfully executing their projects, but the process that entails finishing up requires the same attention as the rest of the project life-cycle because this is the stage that will systematically help teams understand project outcomes against its initial objectives.
Project closure refers to the final stage of a project’s lifecycle. It consists of following a number of predefined processes that lead to formally finalize the project, which may include payments, signatures, approvals, and more.
Once the project has ended, formal documentation is used to indicate that the project manager has received acceptance from the client or the stakeholders in regard to the project’s overall performance. A project closure document also communicates how well the project has performed, when compared against initial objectives, plan, time-scale, and budget.
Project closeout is an important part of the overall project cycle, and it should be performed carefully, mainly because once the analysis has been completed, it will help project managers tie up any loose ends, and it will also enable teams to learn from their experience, by listing pros and cons, highs and lows, benefits and shortfalls, and to use this information as a reference, increasing the efficiency of future endeavors.
In other words, project closing requires a combination of the following factors when applied to a project:
Before you get started, keep in mind that the goal you’re trying to achieve is to document important facts by collecting any relevant information ranging from your project’s entire lifecycle. This stage entails several different steps that should be carefully followed in order to properly wrapping up a project. Here are the main key elements:
We’ve thoroughly discussed the importance of project closure; the final stage of every project’s life-cycle that enables project managers and teams to document, archive, analyze, and discuss the outcome and performance of their work journey.
But, is there a tool that can help you finalize the procedure and follow the right steps that involve closing up a project? The answer is yes. Instagantt can help you make sure you don’t miss any important steps. Moreover, by using our free template, you can rest assured you’ll be documenting the right information and saving time and paperwork.
Closing a project can be a difficult road to navigate if you don’t have the right help. There are many resources that need to be collected in order to receive formal acceptance of the completion of a project. Our project closure template will help you manage the process the right way.