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.
Importance of the Project Closure Procedure
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:
Assurance that the work has been completed in full.
Affirmation that all agreed-upon objectives and deliverables have been achieved and executed.
Formal acceptance of the completion of a project, which requires a sign-off from stakeholders.
The Main Steps to Project Closure
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:
Revisit. Revisiting the project scope, requirements, and deliverables is an excellent practice. This will help you ensure every task has been met accordingly.
Paperwork. You will need to secure approvals and signatures from stakeholders as well as any third-parties involved. Make sure payments are settled and process any outstanding invoices, fees, or commissions. This will ensure satisfaction around everyone involved in the project and it will guarantee your budget and costs analysis will be on point.
Resources. This is the formal process by which you release your team from the project. This may also include external teams (in case you had outsourced equipment, technology, hardware, etc.).
Information and documentation. It’s time to document your findings and your experience. Archive every document and any relevant data that could prove useful from past meetings. Include project plans, proposals, meeting minutes, business requirements, contracts, financial documents, and more. Your documentation will provide valuable insights for future projects.
Conduct a project closure meeting. This is an important step for your team, do not overlook it. Gather your team and invite them to provide feedback about the project; the good things and the bad things. Include everyone who was involved and conduct a final project meeting in which you can discuss the outcome, explore lessons, and acknowledge outstanding efforts. One of the great benefits of conducting a post mortem meeting is that, eventually, when you go back to the data, you’ll have a full understanding as to what made the project succeed, and which aspects you should consider changing. After all, projects will keep coming and you should be learning from each experience.
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.
Project Closure Gantt Chart Example
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.
