Project closing process for the stakeholders

The project closing process for the stakeholders formally ends a project and releases its resources for other projects. It also involves presenting the project’s final deliverables to the stakeholders and obtaining their acceptance of the work completed.
  1. Deliverables review
    Conduct a review of the project’s final deliverables to ensure they meet the stakeholders’ requirements and expectations. Obtain formal sign-off from the stakeholders on the deliverables.
  2. Documentation
    Complete all project documentation, including the final project report, lessons learned report, and the project closure report.
  3. Resource release
    Release all project resources, including equipment, tools, and team members. Ensure that the project team appropriately accounts for all resources and returns them to the relevant departments or vendors.
  4. Financial closure
    Ensure that the project team appropriately documents and reconciles all project expenses. Close out all financial accounts and settle all outstanding invoices.
  5. Stakeholder communication
    Communicate the project’s successful completion and deliverables to all stakeholders. Celebrate the project’s success with the stakeholders, project team, and other stakeholders.
  6. Lessons learned
    Conduct a project review to identify what went well and what didn’t go well during the project. Use this information to improve future projects and document the findings in the lessons learned report.
  7. Archiving
    Archive all project documentation, including reports, contracts, and other project-related files. Ensure the secure storage of all data for future reference.
By following these steps, project managers can ensure a smooth and effective project closure that meets the stakeholders’ expectations and provides valuable lessons learned for future projects.

Project impact reporting to stakeholders

During, the project closing process for the stakeholders, one of the key deliverables is the project impact report.

  • Impact reporting is a formal report that shows the impact of a project on an organization.
  • The project manager prepares the impact report and typically delivers it to key stakeholders at the end of the project.
  • The impact report should show how well the project met its goals, objectives, budget, schedules, and key performance indicators (KPIs).
  • The impact report should answer questions such as:
    • What problem was the project initiated to solve?
    • How was the problem solved?
    • What value has the project outcome brought to the business?

Impact reporting is an important part of project management because it helps to ensure that projects are successful and that the organization realizes the benefits of its investments.

Highlight the following key performance areas for the stakeholders.

  • First, describe the project’s goals and objectives that were determined at the beginning of the project.
  • Then, describe how the project’s objectives were met.
  • Finally, outline cost savings and efficiencies against the schedule and budget.

Use metrics to showcase the results.

Highlight the results with facts and statistics. The common metrics to demonstrate a positive impact could include:

  • Improvement in schedule performance
  • Revenue growth
  • Positive return on investment (ROI)
  • Increased external user counts
  • Increased percentage of internal users
  • Cost vs. margins
  • Customer satisfaction score
  • Reduction in overhead
  • Reduction in technical issues
  • Time saved

Metrics and data points are one of the best ways to present impact. Throughout the project, collect data and track progress in each of the areas that require the measurement. If we complement metrics with the appropriate visuals and tie them back to the project’s larger goals, we can quickly demonstrate the project’s success and value.

Scroll to Top