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In the project management lifecycle, the closing phase's goals are to certify that all project deliverables have been completed to the project sponsor's satisfaction and to inform all participants and stakeholders of the project's final disposition and status.
The process of wrapping up all tasks for a project, phase, or contract is known as a close project or phase. The main advantages of this procedure are the archiving of project or phase information, completion of planned tasks, and freeing up of organizational team resources for new projects. The project management plan, acceptable deliverables, and organizational process assets are the inputs to the Close Project or Phase process. This process' output, not its input, is the transition of the final product. The successful conclusion of a project and the last transfer of assets to the client are known as project closeout. Heavy oversight is required to make sure the project is prepared. This involves reviewing the requirements, gathering documentation, and terminating any open contracts for equipment rentals or subcontractors.
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