Project Closure: Unit 1 Business & Project Management Lesson 5

Project Closure U N IT 1 B US IN E S S L E AD E R S H I P & P R OJE C T M AN AGE M E N T L E S S ON 5 Importanc e of closing Ensure all tasks are completed and goals are met Ensures all deliverables are handed over to the client Helps in documenting lessons learned for future projects Allows fo...

Project Closure U N IT 1 B US IN E S S L E AD E R S H I P & P R OJE C T M AN AGE M E N T L E S S ON 5 Importanc e of closing Ensure all tasks are completed and goals are met Ensures all deliverables are handed over to the client Helps in documenting lessons learned for future projects Allows for the proper reallocation of resources Steps in closing a project 1. Make sure project scope is completed! 2. Complete all documentations 3. Hand over deliverables and documentation 4. Inform stakeholders 5. Conduct a final project review meeting 6. Release extra project resources 7. Close financial accounts Example – Finals Make sure project scope is  Inform stakeholders completed! Call home, tell principle, tell Marked culminating and exams secretary Complete all  Conduct a final project documentations review meeting Complete rubrics, highest Dept meeting to discuss and revise achievement form and failure curriculum form  Release extra project Hand over deliverables and resources documentation Pass on materials to other teachers Hand in highest achievement form and failure form  Close financial accounts Post- project evaluation Assess if project objectives were met Review budget performance and timeline adherence Evaluate team performance and collaboration Identify successes and areas for improvement Example – Final meetings Assess if project objectives were met Look at class average, failure rate Review budget performance and timeline adherence Make sure everything is hand-in on time Evaluate team performance and collaboration Review professional developing goals, highlight of the semesters Identify successes and areas for improvement See if we need changes to course Ways to evaluate outcomes Surveys and questionnaires for stakeholders Interviews with team members and clients Analysis of project metrics and KPIs Comparison of planned vs. actual results Which method do you think would provide the most valuable insights? Key Performance Indicator 1. Cost Performance Index (CPI) - Ratio showing costs so far vs. the amount to be earned 2. Budget adjustments - How often amounts have changed since the start 3. Changes in team structure 4. Deadline adjustments - How often have milestones been pushed back or missed 5. Cycle time - How long it takes to complete a task 6. Return on investment ROI Stakeholder debrief Present final project outcomes and achievements Address any outstanding concerns or issues Gather final feedback and insights Discuss potential future collaborations or projects Why is a stakeholder debrief important for maintaining relationships? Make sure our goals aligns with theirs! Ethical considerations Ensure honest and transparent reporting of outcomes Protect confidentiality of sensitive information Provide fair and balanced feedback on team performance Consider the broader impact of the project on stakeholders and society