ASSIGNMENT: 4.

4 CLOSING PROCESS
Directions: Today we discussed closing of projects. Answer the following questions based on
the power point, reading and class discussion.

1. What are the four ways to commonly close a project? Describe their process.

Closing Process Description of how to close the project

1. Termination by Addition If the project is a major success, it may be terminated by

institutionalizing it as a formal part of the parent firm (new
division/department) since many projects are "in-house,"
that is, carried out by the project team for use in the
parent firm.

2. Termination by Integration It is where the output of the project becomes a standard

part of the operating systems of the parent firm or the
client. It is the most common and complex way to
terminate successful projects

3. Termination by Extinction It is where the project is stopped because it is unsuccessful

or has been superseded. Examples for this would be that
there is a superior alternative, over-budgeting or over-
scheduling, etc.

4. Termination by Starvation Termination by starvation is described as 'slow starvation

by budget decrement. Budget cuts during recessions are
common and are sometimes used to mask project
termination.
2. What are some typical outputs that are required of closing a project?

Some typical outputs that are required of closing a project would be project documents
updates; final product, service, or result transition; final report; and organizational process
assets updates.

3. Why is Project integration management important? If managers don’t do this step what
will happen in the future?

Project Integration Management is important because it can help manage a project from the
beginning to the end. Integrated project management solutions can provide space to store
customer information and conduct customer planning activities. It can help increased
customer planning. Project Integration Management allows for smooth data flow from all
areas of the project which can help have continuous tracking. It can keep you updated on
what materials are being used and what materials you need because it helps in scheduling
and resource allocation capabilities. If managers don’t do this step, it may produce loss of
coherence and consistency of arrangements that have the support of everyone involved.

4. What is a Final Project Report? What is its function?

A Final Project Report is the final report on what the project has achieved. The purpose of the
Final Project Report is to provide the project sponsor confidence that the project has been
completed as outlined in the business case, project charter, and project plan. It is used is to
improve future projects.

5. What is a Lessons Learned Report? What is its function?

A Lessons Learned report is information gathered from the project managers experiences,
reviewing status reports prepared during the project, and by soliciting input from
stakeholders. It Identifies major project milestones and list significant events and discuss
what caused each.
6. In context of the project closing process, what is Knowledge transfer? Why is it important?

Knowledge Transfer is the process of communicating knowledge that was developed by one
person or in one part of an organization to another person or other parts of an organization.
Knowledge transfer can aid in streamlining knowledge which ensures that everyone on the
team has the information need to keep the project running smoothly.

7. What is a Best Practice? Why do we need them?

Best Practices are well-defined methods or techniques that lead to desired results. It is used
to be effective, best practices addresses the specific goals of the project. Best Practices
guardrails and helps provide the best way to ensure project development and success.