Project Conclusion is the final phase of the project management process. It involves completing the project plan, handing over the project deliverables to the customer, and finally completing and closing the project.
This phase is important because it verifies that all objectives have been met, the customer is satisfied with the final product, and the project has been formally recognized as completed. Each part of this process contributes to transitioning from project completion to project closure, ensuring all project components are accounted for and the project is concluded in an orderly manner. At the end of a project, it is an opportunity to reflect on the project, learn from the experience, and document it in order to apply these learnings to future projects. In this way, the Project Conclusion phase contributes to the continuous improvement of project management practices within the company.
The project conclusion phase is initiated when all activities related to the project’s deliverables are completed. A majority of the planned activities in the project plan are typically completed and closed at this point. However, there may be some remaining activities related to the handover of the deliverables to the customer and administrative tasks related to project closure.
Once all activities related to the project deliverables are completed, an internal review and acceptance test are often conducted, and stakeholders may be involved in approving the deliverables. Once approved, they are ready to be handed over to the customer.
This process includes notifying customers and stakeholders about the transfer and monitoring the project delivery timeline. If the deliverables are accepted by the customer, the final steps in completing the project can commence. However, if the deliverables are not accepted, additional work may need to be planned to meet the project requirements.
Project completion signifies that all project work, including administrative tasks like completing contracts and final invoicing, has been finalized and there is no more work to be done. Updating the project status to Completed requires all activities in the project plan to be set as closed. Any activities that are not yet closed will be automatically closed. The project is now ready for financial completion.
This final part involves ensuring the project is also financially completed and officially marking the project as closed. The financial aspects of the project are usually completed by a project accountant. Once the corresponding financial project is completed, the status of the project is automatically updated to Closed. Once the project is in status Closed, no further status changes can be made, and any scheduled history logging should be turned off.
After closure, it’s crucial to formalize the experience. This involves reflecting on key aspects such as how well the project performed and managed to achieve the project objectives, scope, schedule adherence, cost management, quality assurance, activity analysis, risk analysis, stakeholder satisfaction, and lessons learned. This information should be shared with all project members to serve as a reference for future projects.