According to the Project Management Body of Knowledge (PMBOK®) Guide, the purpose of the Closing Process Group is to conclude all activities across Project Management Process Groups to formally complete the project, phase, or contractual obligations. There are two main processes in this group – the close project or phase and close procurements.
Close Project or Close Phase
Looking back over the various phases of the project as the entire undertaking comes to an end is an important task. It is this project management process group and project manager’s responsibility to make sure no pieces have been left unaddressed. During this phase, the project manager will meet with team leaders to close out all work orders related to individual team participation.
Close Procurements
The Close Procurements process is the process in which you accept delivery of the product and close the corresponding procurement agreements. This includes activities such as closing out invoices and preparing the final report in a timely manner, which have a positive impact on future opportunities.
Key Points for the Closing Process Group
As listed above, this project management process group, the Closing group, has two processes: Close Project or Phase and Close Procurements. After completing the processes in this group, a project manager must release the organizational resources so they can be deployed in other projects. If you are closing a phase, the lessons learned are carried forward and addressed in the next phase.
Closing Your Project
The day when a project concludes successfully is one to remember. But, it’s important to make sure to tie up all loose ends and close the project carefully. At Ultra, we always invite key stakeholders to a Close Project meeting, also called a Post Project Review, to discuss everything that occurred during the project time frame.
Since every engagement is a learning experience, we encourage all Close Project meeting attendees to be open about their observations and lessons learned during the project term. We also ask members to evaluate the project against objectives, budget, quality requirements, and end deadline.
Last but not least, team members should make it a point to celebrate their accomplishments with the team to further bonding and encourage a successful future.
To learn more about executing your ERP project, visit our Project Management blog.