Question

consider what you should do to formally close your identified project. Reflect on when you should close your project and how you can demonstrate “value creation” to Lightning Fast stakeholders. Your answer should also draw comparisons between traditional and agile project management, providing recommendations for which of these applies best to your identified project.

Answer 1

Steps to formally close your identified project are as follows-

1. Formal customer sign-off- After delivered the project, you need to get a formal sign-off from the customers on the delivery.

2. Final product scope analysis- After analyzing that the features of the project scope meet 100%, the project should be considered as complete.

3. Release the resources- After doing above steps the project manager must hand over the resources to their respective departments and follow the correct policies of your organization while doing that.

4. Procurement or other contract closure- If any third party has been working on the project, those contracts should be closed

5. Indexing of the project files- Compile the project file and convey them to company’s entire list of key stakeholders, this can be used in future

6. Lessons learned documentation- prepare lesson learned from the project documentation which can be used as a reference for future projects

7. Celebration- Arrange a celebration for all team members and all stakeholders. It is excellent way to improve the morale for the entire project team.

When the project’s objective achieved and project team delivered the project to the targeted customer, then project should be closed.

Company can demonstrate “value creation” to lighting fast stakeholders by following ways-

1. By maintaining positive relationship with them

2. Take their suggestion whenever it required while doing project

3. By providing better services to them

4. By maintaining strong balance-sheet

5. By clearly defining the objective and goal of the project

6. By clearly defining the benefits they will receive from the project after its completion

Comparison between traditional and agile project management-

Bases of comparison	Agile project management	Traditional project management
1. Scale of projects	Small and medium scale	Large scale
2. Involvement of clients	High	Low
3. Restart cost	Low	High
4. Customer involvement	Customers also part of project	Customers get involved at the beginning of the project but after the execution started no involvement of them
5. Model preference	Adaption	Anticipation
6. Reviews and approvals	Reviews are done after each iteration	Excessive reviews and approvals by leaders
7. Requirements	Emergent with rapid changes	Standard and known in advance
8. Development model	Evolutionary delivery model	Life cycle model
9. Organizational structure	Iterative	Linear
10. Development model	Easily changeable	Fixed

Agile project management approach is best suited for identified project because of the following reasons-

1. It is best approach to follow for complex projects

2. Adaptability factor is very high

3. High acceptance of feedback and change

4. Divide project into small parts

5. Self-organized

6. High customer engagement

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