StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Project closurecompleted projects vs. terminated projects - Assignment Example

Comments (0) Cite this document
Summary
According to PMBOK (2013), “Close Project or Phase is the process of finalizing all the Project Management Groups to formally complete the project of phase”. Major benefits of project closing include formal completion of the project work, lessons learned and release of…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Project closurecompleted projects vs. terminated projects
Read TextPreview

Extract of sample "Project closurecompleted projects vs. terminated projects"

Project Closing and Termination Project Closure According to PMBOK , “Close Project or Phase is the process of finalizing all the Project Management Groups to formally complete the project of phase”. Major benefits of project closing include formal completion of the project work, lessons learned and release of project resources for next assignment or reallocation. During the project closure, project manager reviews all phases of the project ensuring that all the project work is completed and the project has accomplished its objectives. During this process, it is essential to review the scope baseline to ensure project completion since the project scope is measured against the project management plan.
Project Closing involves all necessary activities planned for administrative closure of the project including
Activities that satisfy the exist criteria or completion of the project
Activities required to transfer or handover the project deliverables or product of the project to the production or operations.
Activities for project records collection. Project auditing to measure success of failure, gathering lessons learned and archiving project information for future use.
1.1 Types of Project Closure
The project closing is the final stage / logical phase of the project management which marks the end of the project lifecycle. There are two main types of project closing
Closing. The project work has been completed within schedule, budget and performance parameters identified during the planning phase and the project has met its end objectives. This is also unknown as Natural Closure.
Termination. The project ends prematurely due to one or more adverse reasons restricting the completion of the project and meeting the project end objectives. It is also known as Unnatural Closure.
1.2 Key Elements of Project Closure
There are five key elements to closing a project. The level of details for each element largely depends on the complexity and size of the project. These elements include:
Identification of lessons learned
Reviewing and documentation
Archiving of records
Recognition of outstanding achievements
Release and reallocation of project resources
2. Project Termination
A project may end prematurely because either it has not met its end objectives or is expected to fail. Another reason for closing the project could be that it is no longer aligned with corporate strategy.
2.1 Types of Project Termination
There are four main ways that determine the termination of the project. These include
Termination by Extinction. The project ends prematurely because it did not meet its end objectives or was expected to fail. Another special case is referred to as “termination by murder” where the project ends suddenly due to political or accidental reasons.
Termination by Addition. In this case, if the project is successful then it can be added to operations of parent organization as new division.
Termination by Integration. This is the most common and most complex method of dealing with successful projects. In this case, the output and resources of the project are distributed among the existing units of the parent organization.
Termination by Starvation. This is termination of the project through budget decrements. There may be several reasons from perspective of senior management, political implications to obsolescence of the project output that may cause reduction in project budget.
2.2 Issues Related to Terminating a Project
There are certain issues related to the termination of the project. These issues can be categorized as internal and external and are listed below:
Internal Issues
Identification of remaining project deliverables
Requirements for certification
Identification of commitment that are still outstanding
Identification of uncompleted tasks that are no more required
Closing of work orders and work packages for activities under process for project completion
Identification of physical infrastructure assign to project as project property
Identification of human resource and other material resources
Redistribution and reassignment of human resources and project materials
External Issues
Reaching an agreement with customer on remaining project deliverables
Obtaining required regulatory and statutory certification for clearing out
Agreement with suppliers on outstanding commitment
Communication of project closure
Closing of project resources and physical infrastructure
Determining client’s requirements
Post termination project audit
2.3 Role of Project Manager in Project Termination
While terminating the project, the duties of the project manager include
Ensure completion of the project work
Informing client on the extent of completion achieved
Ensure completion of documentation including evaluation report and final project report
Clearing of all project liabilities
Reallocation and reassignment of project resources
Seeking regulatory or statutory clearances
Archiving of the project documents, records and lessons learned
Ascertaining any requirements for the product support
Closing of the project books
2.4 Checklist for Project Termination
Procedure for closing a terminated project is similar to that of closing a successful project as it follows the same administrative closure procedure and contract closure procedure. Archibald (2003) suggest checklists as a preferred tool for terminating the project. Kerzner and Thamhain (1986) advocated listing of activities for contract administration, marketing and finance management to review process for project closing. Below is a sample check list proposed by Meredith and Mantel (1995) for terminating a project.
Figure 1 : A Sample Checklist for Project Termination (Source : Meredith and Mantel 1995)
2.5 Procedure for Project Closure
Project closure refers to completion of all the activities across the project. This involves the procedures for verifying and documenting the project deliverables. The information of what the project was planned for and what it has achieved is an obvious input to project closing process. According to PMBOK (2013), the process for project closing is illustrated in figure below:
Figure 2
Figure 2 below shows the process flow diagram for the project closure (PMBOK 2013).
Figure 3
2.5.1 Input to the Project Closing Process
To close a project, a list of project deliverables is required to meet the acceptance criteria defined in project management plan. The obvious inputs to project closing procedure include
Project Management Plan. The project management plan contains all the information on how to close the project. It provides information in verifying and accepting the project deliverables.
Accepted Deliverables. Accepted deliverables are those that have been verified through Scope Verification and has met the scope requirements. This also includes the deliverables from the procurement closure process.
Organizational Process Assets. Organizational process assets include the guidelines and procedures for validation of project deliverables, their acceptance criteria, project audits and evaluation reports. Further, organizational assets include historical information on what kind of records or documents are required for project closing and reviewing of lessons learned for previous projects.
2.5.2 Output to the Project Closing Process
The project closing procedure accomplished three main objectives that include completion of all closing procedures for the project, final acceptance of the project deliverables, formal handing off of the project deliverables to the clients and archiving of all lessons learned and project records and documentations (Mulcahy 2013).
Final Product, Service or Result Transition. This involves formal handing off or delivering of the project output to the appropriate client party. This includes formal acceptance of the product by the client and receipt that the project met its objectives and all terms of the contract.
Organizational Process Assets (Updates). This output includes adding or archiving the following documents to the organizational process assets.
Acceptance documentation confirming the project objectives have been met.
Project Closure documentation including the project closing procedure and handing off the project deliverables.
Project Files Archives that include the documents created during the project’s lifecycle such as project management plan, risk management plan and baselines for triple constraints.
Lessons Learned Database should also update the organization process assets so that similar future projects may refer back and take benefit from these lessons learned.
For closing the project formally, two procedures administrative closure and contract closure are followed PMBOK (2008) which are discussed below
2.5.3 Administrative Closure Procedure
Administrative Closure Procedure includes “all activities, interaction and related roles and responsibilities of project team members and project stakeholders involved in administrative project closure” (PMBOK 2008). This procedure includes activities required for collection of project records, analysis of project success or failure, gathering of lessons learned and archiving the project information for use in future projects.
2.5.4 Contract Closure Procedure
According to PMBOK (2008), Contract Closure “includes all activities and interactions needed to settle and close any contract agreement established for the project, as well as define those related activities supporting the formal administrative closure of the project”. This includes verification of all the project work completed as planned and review of administrative closure procedure. Further, the terms and conditions in the contract are also reviewed to ensure if the project has met its end objectives. Early termination of a contract is a special case that follows when decision for terminating the project has formally been made.
According to Mulcahy (2011), the difference between the administrative closure procedure and contract closure procedure is focus, frequency and level of formality. The focus of administrative closure is closing of project and that of contract closure is closing of contract which is part of the project.
References
Archibald, R. 2003. Managing High-Technology Programs and Projects. 3rd ed. New York: John Wiley & Sons.
Kerzner, H. and Thamhain, H. 1986. Project Management Operating Guidelines. New York: Van Nostrand Reinhold.
Meredith, J. and Mantel, S. 2013. Project Management: A Managerial Approach. New York: John Wiley & Sons.
Mulcahy, R. 2011. PMP Exam Prep. 7th ed. Burnsville: RMC Publications.
Project Management Institute. 2008. A Guide to the Project Management Body of Knowledge (PMBOK Guide). Pennsylvania: Project Management Institute.
Project Management Institute. 2013. A Guide to the Project Management Body of Knowledge (PMBOK Guide). Pennsylvania: Project Management Institute. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Project closurecompleted projects vs. terminated projects Assignment”, n.d.)
Project closurecompleted projects vs. terminated projects Assignment. Retrieved from https://studentshare.org/management/1622541-project-closurecompleted-projects-vs-terminated-projects
(Project Closurecompleted Projects Vs. Terminated Projects Assignment)
Project Closurecompleted Projects Vs. Terminated Projects Assignment. https://studentshare.org/management/1622541-project-closurecompleted-projects-vs-terminated-projects.
“Project Closurecompleted Projects Vs. Terminated Projects Assignment”, n.d. https://studentshare.org/management/1622541-project-closurecompleted-projects-vs-terminated-projects.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Project closurecompleted projects vs. terminated projects

Education

3 Pages(750 words)Essay

Managing projects

...? Project Management Table of Contents SECTION I 4 Principles of Project Management 4 Success Failure Criteria 5 Benefits of Managing Projects 5 SECTION II 6 Project Initiation Document 6 Project Planning 6 Risk Assessment 7 Communication of Project Plan 7 SECTION III 8 Project Implementation 8 Project Monitoring 8 Contingency Plan 9 SECTION IV 9 Project Evaluation 9 Report to Stakeholders 10 Recommendations 10 References 12 SECTION I Principles of Project Management Project management can be defined as a process, by which a company initiates, plans,...
6 Pages(1500 words)Essay

Managing Successful Projects

...components that should be developed for effective project design and control Availability of finances and guarantee of sustainable sources of finance during the project’s life are the major financial components that should be considered. Evaluation of involved risk of terminated sponsorships and effects of dynamic macroeconomic factors on project funders are for example necessary for ensuring effective design and control of the project subject to developed levels of confidence (Dismore and Brewin 2006, 52). Monitoring and review strategy for assessing the impact and achievement of the project Impacts of the project shall...
6 Pages(1500 words)Assignment

Investment projects

...? Investment Projects Heritage Doll Simulation Executive Summary The New Heritage Doll Company comprises of three divisions: production, retail and licensing which were responsible for manufacturing and production, sales and licensing of the rights for the doll characters respectively. Every year new projects related to the expansion of the company were undertaken. The rationale for choosing those projects depended on several factors such as the Net present value of the project, the internal rate of return, profitability, riskiness so on and so forth. That is why even projects which had a positive net present value where not considered for the purpose of...
7 Pages(1750 words)Essay

Research Projects

...?Agenda-Setting in Mass Media: The Case of Fox News COMM 100 SCHOOL Table of Contents I.Introduction II.Literature Review III.Discussion and Analysis 3 IV.Conclusion 4 I. Introduction The combination of an aging TV audience and the consistency of Fox News Network in its conservative and anti-administration agenda-setting has ensured leadership of this broadcast segment all summer long and into the first three weeks of November this year. Such dominance over CNN, MSNBC and even the CNN subsidiary Headline News (HLN) compared to year-ago ratings was sustained despite the fact there were no elections this time and all news networks gave equal prominence to the George Zimmermann case during the summer. As the fall season came and went...
3 Pages(750 words)Essay

Projects

...?[Projects] By Insert Presented to Location Due Introduction The manner in which a projectis managed determines its success. Previously, project management was done by any managers without any skills. However, today, companies are focusing on maximizing the success of project and are employing skilled project managers to man their various projects increasing the success rates. Successful management of a project involves management of resources such as time, scope, money and other resources. This is to ensure that they maximize the benefits accrued from the resources and are able to deliver the best results within the shortest time...
7 Pages(1750 words)Essay

Construction Projects Funding Sources

...should be manufactured in the country. The construction contract will be terminated if these rules will not be adhered to. ARRA is always strict that these funds should be committed into the projects fully (Cleland, 2006). In contract funding, there is a wide variety of funding methods. One of the funding sources is through the use of Cash reserves. This is money that is deposited in the bank accounts of clients. A client can fund a construction project through the use of short term bank deposits in form of savings or fixed deposits, cash deposited in bank accounts in the form of savings, or money that was invested in the money markets and treasury bills. Money market instruments are...
5 Pages(1250 words)Essay

Classifying Projects

...ifying project Number: Lecturer: The projects in the case study are the residential project and ABC technology commercial building. The risk matrix is show on table 1 below. Project Time risk Data integrity breach Lack of finance Residential building project High Low Low ABC Technology commercial building Low High Low One risk that is associated with ABC Technology projects is breach of data integrity. It is required that confidential information about some users in the building remains a secret. This may be an issue as the information may come out, thus, bringing a security breach (Harrison & Lock, 2004). The residential building...
1 Pages(250 words)Assignment

Reading projects

... Task: Food Deserts and Obesity Q The of the article is Susan Blumenthal. She is a public health editor at the Huffington Post. She is a former assistant surgeon general in the U.S. She has satisfactory qualifications to write on the topic. Q. 2 The author has credible qualifications to write on the subject off nutrition. She has qualifications as a distinguished health expert and as a spokesperson. She also served as the deputy assistant secretary in charge of women’s health. Her role as a qualified medical consultant in the department of agriculture renders her qualified to write on the topic. She served as an advisor to the White House on health issues (Blumenthal 1). Her service as the chief of behavioral medicine renders her...
4 Pages(1000 words)Assignment

Comparative projects

...COMPARATIVE PROJECT #2 It has been the general norm that in most societies it is the men who hold the most vital positions in society. Patriarchy isthe customary pattern where men take charge of the social unit over important matters that occur in their daily existence. In this sense, socioeconomic status is relevant in understanding politics, labor division and other factors relating to culture. The structure of a society consists of components such as gender, marriage, age and family among others (Scupin, 2012, p. 137). Scupin provides that the power and influence of men generally specify their high status in society but kinship can also define a woman’s position, whether she holds a higher social status or not. Thus, societies... between...
6 Pages(1500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Project closurecompleted projects vs. terminated projects for FREE!

Contact Us