Project Closure Planning: Important Factors to Keep in Mind

In the world of project management, there's a phase that every project manager rushes to complete early: project closure. Strangely, this is often a phase that's approached without

much planning. But here's the catch – if this step isn't handled well and prepared for, it can come back to haunt you when you're knee-deep in another project or role. So, let's dive into the nine crucial steps that every project manager must take to master the art of closing a project effectively.

Make sure the work is done the way it was supposed to be (As agreed Initially):

Compare what was planned in the beginning with what was actually accomplished. Check if the things you made or the features of the product match the original plans. Look over the quality standards of the project and update any quality checks. Also, make sure the customer is getting what they wanted from the project by meeting their needs

Wrapping Up Procurement:

At first, a project manager checks the work and releases resources once the project work is done. But when the project is almost done, the manager needs to review and double-check any buying or agreements made at the start or during the project. They also need to write down how well the suppliers followed the rules in the agreements, delivered things on time, and made sure the quality was good. It's important to note how the suppliers' actions affected the project, both in good and not-so-good ways.

Gain formal acceptance of the product:

One of the most satisfying moments in project management is when the customer officially approves the product or project and acknowledges its value. The customer needs to formally confirm that the product or project meets their requirements, quality standards, and expectations. If there are any differences or if the performance isn't as expected, these should be noted down. It's important to gather feedback from all the important people involved.

Financial closure:

Handling the financial side of the project is crucial, and it needs to be done accurately and transparently. This step is really important, and it's best for the project manager to start working on it towards the end of the execution phase. The project manager's main responsibilities include checking the accuracy of invoices from vendors, spotting any differences or changes, explaining why these changes happened, and learning lessons from them. During this stage, the project manager needs to take time to sum up all the project expenses, how the budget was used, and if there are any interesting details that could help future projects, like cost-saving measures that were taken.

Hand off the completed product:

This is when the project or product shifts into regular operations. It's a formal step where the project manager ensures there's enough paperwork in place and provides training so the team can smoothly use the project's outcomes or the product in their everyday tasks. The project manager also checks that the benefits from the project are being utilized effectively. If needed, they ensure there's a guide for users, and they document the proper ways to offer support and maintenance. It's crucial to communicate this transition clearly and inform the customer that the project met the quality standards set based on the initial requirements

Customer feedback:

Can anything be more precious than getting feedback from customers to keep improving? There's hardly any disagreement about this. When a project manager collects feedback, it's important to write down the things that are working well with the project or product, as well as the areas that need improvement. The project manager should acknowledge and value the positive feedback and also deal with any concerns raised by the customer. The most vital part of customer feedback is to learn from it. There's valuable information in both the positive feedback and the suggestions for improvement, and sometimes these insights aren't immediately obvious.

Final performance reporting:

Keeping track of and reporting on project performance is an ongoing task. It begins right when the execution phase starts, and the project team begins hitting the project milestones or product goals. The project manager consistently collects work performance data and shares it. When it's time to close, the project manager puts together a summary of the performance reports, compares them with the initial plans, and highlights both successes and shortcomings. It's a good idea to record the key performance indicators (KPIs) used for evaluating performance. There should be specific sections that detail how the project performed in terms of its timeline, quality, budget, stakeholder involvement, and communication.

Index and archive records:

This isn't just about putting documents on SharePoint. I believe you understand what I mean. Simply storing project documents in a shared location isn't enough. Every project document should be arranged in a manner that other project managers can easily find them for future reference. These documents should have standard details, like the date, approval status, author, intended recipient, and document category. It's also important to set up a system for who can access these documents and how confidential they are. This way, you ensure that information is easily retrievable and properly controlled.

Collecting Final Lessons and Updating Knowledge:

Gathering lessons and insights from a project is a skill every project manager should be good at. This helps not only in their next project but also benefits other project managers seeking deep insights. Project managers should gather input from their team, learning what worked and what needs improvement. Conducting sessions to discuss lessons learned, allowing team members to give feedback, can be quite effective. Ultimately, this task should identify successful strategies, methods, and practices that led to project success.

Conclusion:

It's common and easy to overlook crucial steps when closing a project, especially when the project manager and team are eager to move on to new tasks. However, skipping these important steps can cause confusion and problems even after the project is officially closed.