The Closing Process Group in project management is the final phase in the project life cycle. The primary objective of the closing process group is to finalize all details related to the project, including documentation and report creation. Therefore, delivering the final project to the clients or customers is not the final stage of the project life cycle. After the project has been completed and handed over to the clients or customers, project managers must complete all project-related documents and ensure they have them updated with the required information. All these activities are a part of the project management closing process.
Closing Process Group in Project Management
According to the PMBOK® Guide – 6th Edition, the closing process group involves processes to formally complete or close the project. It also includes finalizing contractual obligations and agreements. Project Managers also create and submit the final project report to the project stakeholders. This process group signifies the project’s official end by formally finishing all project requirements. The project reports or documents submitted at the end of the project will have all the information related to the previous process groups – initiation, planning, execution, monitoring and controlling. It will help project stakeholders get a detailed outline of the project delivery steps.
Importance of Closing Process Group
Additionally, organizations can use the documents created in the project closing process to highlight the positive steps and minimize the negative steps in their next project. Thus, it can be an excellent reference point for future project development for organizations. The project manager must ensure that all project records are maintained and documented. They can also mention the necessary action required for future projects like employee training, better communication, vendor or supplier enhancements, etc. The closing process group might be the last, but it delivers the maximum value to the organization by providing insights for future projects.
Project Closing Best Practices
Project Managers must follow some best practices to achieve a successful project closure. These are:
- The project manager must ensure that the reports or documents are adequate and contain all the details, including the management practices used to achieve the project goals.
- The project closure report must also contain the formal acceptance of the clients or customers.
- They must ensure that the project’s procurement contracts with all the vendors and suppliers are closed.
- They should dissolve all project resources, financial as well as human resources.
- The project closure report must mention all the lessons learned for future projects.
PMP Exam Preparation in 2022
Aspiring project managers who want to lead and direct projects for their organizations must acquire the PMP (Project Management Professional) Certification from the Project Management Institute (PMI). The examination for earning this prestigious credential from PMI has changed to suit the needs of the present economic environment. So, PMP aspirants should be aware of these changes to the PMP Exam Content Outline and refer to the latest edition of the PMBOK® Guide – 7th Edition to prepare for their PMP certification examination in 2022.
PMP Content Changes
Major differences exist between the 6th and 7th editions of a guide to the project management body of knowledge. The five process groups and ten knowledge areas, including the 49 project management processes in the sixth edition of PMBOK, are absent in the seventh edition. The PMBOK seventh edition follows a principle-based approach to project management instead of the previous process-based approach, with 12 project delivery principles. The ten knowledge areas of the 6th edition have changed into eight performance domains in the 7th edition of PMBOK. Therefore, candidates preparing for the PMP Exam in 2022 must follow the seventh edition of the PMBOK Guide to learn about the performance domains and principles of project management.