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In general, here are some basic areas to manage in order to ensure that all the financial, legal, and administrative aspects of the project are properly closed: 1. Ensure completion of all work, especially work performed by subcontractors. 2. Notify the client of project completion and ensure the product is delivered and accepted. 3. Ensure all documentation is complete, which includes final evaluations of all project deliverables and a final report. Make sure all final billings are cleared for payment and invoices are sent to the client PMP Certification training and Project Management PMP Training courses will cover these topics in detail. Task 3: Generally Accepted Closure Continued: 1. Redistribute personnel, materials, equipment, and any resources used for this project back to its owners. 2. Meet with legal counsel or consultants and ensure the project has cleared any legal hurdles and document and archive related documents. 3. Determine what project documents are to be archived. 4. Decide how this project will enter the next phase. 5. Meet with accounting and oversee how the project books are closed. Task 3: Obtain Closure—Close Procurements CONTRACT CLOSURE involves: 1. resolving any open items 2. completing and settling the contract 3. closing project phases Contract terms and conditions can prescribe specific procedures for contract closure. EARLY TERMINATION OF CONTRACTS create a special case of contract closure resulting from a mutual agreement of the parties, or from the default of one of the parties. Rights and responsibilities of the parties are contained in a termination clause contained in the contract. All or part of a contract may be terminated for cause or convenience at any time. Task 4: Distribute Final Project Report– Summary In this task, the project manager distributes the final project report along with related project closure information, variances, and issues. The objective of this task is to provide the final project status to all stakeholders. Task 4: Comprehensive Project Review Conduct comprehensive project review and create/update knowledge base As the project nears completion, it is vital to perform a comprehensive project review. The comprehensive project review is a thorough examination of the project in terms of its management methods, procedures, records, properties, and budgets. The comprehensive project report can be presented in many formats. However, the report should contain the following basic information: Current status of project—this is a comparison of actual work completed to what was planned, focusing on: 1. Cost 2. Schedule 3. Progress 4. Quality PMP Certification training and Project Management PMP Training courses will cover these concepts in detail. For more information regarding PMP Certification Training and Project Management PMP please visit: http://www.pmeducate.com
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