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How to Close and Transition Projects

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As a project manager, it's crucial to complete all necessary tasks at the end of a project to ensure a smooth transition and avoid any loose ends. Here’s how to effectively close out a project:

Key Activities:

  1. Close Out Contracts:
    • Ensure all deliverables are completed and follow-up actions are performed.
    • Close contracts with customers and vendors.
  2. Monitor Performance:
    • After the project is operational, monitor its performance to ensure objectives are met.
  3. Transition to Ongoing Group:
    • Prepare the ongoing group to take over the project as part of their daily operations.
    • Notify functional managers in advance for planning the transition of their team members.
  1. Archive Project Information:
    • Archive all project information electronically for easy access and sharing.
    • Store information in various systems like a database or document management system.
  2. Close Financial Accounts:
    • Close the accounts used to bill project costs.
    • Keep financial books open for a few months to process any follow-up expenses.
    • Close accounting codes not related to follow-up activities to avoid erroneous charges.

Final Steps:

  1. Celebrate Achievements:
    • Recognise and celebrate the successful completion of the project.
  2. Move On to the Next Project:
    • Ensure all loose ends are tied up before transitioning to your next project.

By following these steps, you can ensure a thorough and effective project closure, setting the stage for future success.

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