Question

In: Finance

You are about to close a project. What do you think worked well, or didn’t work...

You are about to close a project. What do you think worked well, or didn’t work well for this project

Solutions

Expert Solution

Closing a project is not like switching a computer off. There is still a lot to be done, and a lot that can go wrong.

The Close Project or Phase process is another one where the Project Manager takes center stage and will be checking that that all project work is completed and that the project has met its objectives, including work and objectives that were added along the way as the result of approved change requests.

Just a reminder here that the type of “phase” mentioned here is a mini-project inside the main project.

The activities necessary for the administrative closure of the project or phase include:

  • Actions and activities necessary to satisfy completion or exit criteria for the phase or project such as:

    • Making certain that all documents and deliverables are up-to-date and that all issues are resolved;

    • Confirming the delivery and formal acceptance of deliverables by the customer;

    • Ensuring that all costs are charged to the project;

    • Closing project accounts;

    • Reassigning personnel. Depending upon the organization type (we will be covering organization types later in the course) the project staff will be assigned to another project, or they will return to their usual jobs, or their contracts will be finalized and they will leave the organization to take up the next contract.

    • Dealing with excess project material. This can mean dealing with the materials and equipment that is lying around after the project has finished. For example, after completing a building there will be piles of bricks, sands, roof tiles, offcuts of wood, bags of cement, and so on. All this needs to be dealt with. Some can be returned to stock, machines will be returned to the store, or returned to the hire company, and material that can’t be reused or recycled but be cleared away.

    • Reallocating project facilities, equipment, and other resources; and

    • Elaborating the final project reports as required by organizational policies.

  • Schedule

    Did the project remain on schedule?

    What helped the project remain on schedule?

    What prevented the project from remaining on schedule?

    What strategies were used to help the project stay on schedule?

  • Costs

    Did the project remain within predicted budget?

    If the project came in under budget, how were savings made?

    If the project ran over budget, why did this happen?

  • Goals & Objectives -

What were the major goals & objectives of this project?

Did the project deliverables align with these goals and objectives?

Did project outcomes help meet the goals and objectives?

If not, why did the project vary from the objectives?

  • Requirements & Functionality

  Was the functionality promised as part of this project delivered at the end of the project?

What was not delivered and what might have caused this?

Were service requirements met upon project completion?

If requirements were not met, what caused this?

Does the system work as intended?

  • Benefits

Do the projected benefits match the actual benefits?

Are there intangible benefits because of this project?

  • Lessons Learned

What was done really well?

What could have been done better?

What recommendations would you make for future project application?

What would you do differently if you could do it over again?

What have you learned that can be applied to future projects?

  • Recommendations

Do you have any advice for future projects?

Did this project uncover or prove any Best Practices?


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