Week 5 Project

Page 1 of 1 MGT3035 Fundamentals of Project Management

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The Correct Way of Closing Projects As you are aware, a formal mechanism is essential for the acceptance of deliverables. When all deliverables are accepted, contractually the project comes to an end. It signals the closing of many monetary accounts and the transfer of funds, especially final payments. Sometimes, some procedural documents are, themselves, deliverables. You have seen how the EVM is a method that is commonly required of major contracts; so are formal meetings and written reports that detail the EVM metrics. Similarly, project closure requires an administrative and contractual report to be included in the final delivery. Such a retrospective analysis generally termed as a “lessons learned” document, may be a part of the project audit or submitted separately. Finally, it is good human resources management to hold a special event to commemorate the official closure of a project. Project teams often have a team lunch to mark the end of a project.