Yoga and Meditation Studio Establishment Project Closure Report

This project closure report details the establishment of a yoga and meditation studio, encompassing project objectives, results, and assessments. The report outlines the project's scope, cost, and schedule, including variances and comments on each. It evaluates success criteria, highlighting the status of the studio's development and the installation of amenities. Key lessons learned include the importance of problem-solving skills, suitable scheduling software, and accurate cost and schedule estimation. The project assessment identifies areas for improvement in business case development, planning, and stakeholder engagement. Furthermore, it includes assessments of the project manager and team, pinpointing areas for enhancement in cost management, teamwork, and communication. The report concludes with action items for future projects, emphasizing the completion of the studio and the commencement of business operations.

Project Title
Company Name
Closure Report
Project Manager:
Date:
Version:

Version History
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Table of Contents
Project Summary............................................................................................................................ 4
Project Results................................................................................................................................ 5
Scope.......................................................................................................................................................... 5
Cost............................................................................................................................................................. 5
Schedule..................................................................................................................................................... 5
Success Criteria.............................................................................................................................. 6
Key Lessons Learned..................................................................................................................... 7
Project Assessment........................................................................................................................ 8
Project Manager Assessment......................................................................................................... 9
Team Assessment........................................................................................................................ 10
Action Items / Future Projects....................................................................................................... 11
Project Acceptance....................................................................................................................... 12
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Closure Report
Project Summary
Project Establish Yoga and Meditation Studio
Objectives  To establish a yoga and meditation studio
 To set up the studio for yoga and meditation training for interested people
Project
manager Sponsor
Start date
23/1/19 Planned
completion
date
27/7/21 Actual
completion
date
4/8/21
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Closure Report
Project Results
Scope
Deliverable description Were All Requirements Met?1 Comments
A new Yoga and Meditation Studio The project is currently in
progress and is to be delivered
in 2021
As per the current status, the
project is on the right path and
it is expected that the project
can be completed within
scheduled time
Cost
Budget Item
Planned
Cost
Actual
Cost Variance Comments
Salaries $100,000 $105,000 $5000 Extra salary was due
to the appointment
of an additional
worker
Other internal expenses $78,485 $93,365 $14880 Internal expenses
were increased due
to some additional
work that was not
identified earlier
Consulting expenses $5,000 $6,000 $1000 Consulting expense
are wrongly
estimated earlier
Capital expenditures $150,000 $150,000 $0 Remains same
Schedule
Deliverable Description
Planned
Completion
Actual
Completion Variance Comments
Establish Yoga and Meditation Studio 27/7/21 4/8/21 6 days Some unforeseen
additional work is
required that has
delayed the project
by 6 days
1 Yes: all requirements were met; some: some of the deliverable requirements were met; no-approved: deliverable was
dropped from project but change request was submitted; no-unapproved: deliverable was dropped from project but change request
was not submitted
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Closure Report
Success Criteria
Criteria Status2 Comments
Established studio with all yoga and
meditation amenities and a cool and
calm environment where the people
can meditate without any disturbance
Currently, the studio is under
development; an air-
conditioning system has been
installed in the meditation and
yoga rooms
All requirements are expected
to be delivered at the end of the
project
2 Met: criteria were met; not met: criteria were not met
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Closure Report
Key Lessons Learned
The most important lesson learnt in this project is to use problem solving skills to handle complex
issues in project management. Additionally, the use of suitable scheduling software has been
learnt for scheduling a project along with the development of work breakdown structure and cost
estimation. Another lesson learnt was to estimate the actual schedule and cost compared to the
initial estimated schedule and cost data.
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Closure Report
Project Assessment
Areas to Improve Comments
Business case development More accurate schedule and
budget estimation
There are significant variances
in actual cost and schedule
Initiation Engage more stakeholders in
the project planning phase for
better input of ideas
There has been some gaps in
the planning
Requirements definition More accurate estimation of
resources
All requirements have not been
appropriately defined
Planning Better identification of hidden
costs and work requirements
Some hidden work and costs
have arisen during the project
Controlling Implement more effective
change management plan
Changes have not been applied
effectively
Executing Enhance efficiency and work
output
Exact schedule was not
followed
Closing Ensure all stakeholders have
taken part in project evaluation
Some of the stakeholders were
not asked to validate the project
Other Teamwork must be improved There was some lack in
teamwork
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Closure Report
Project Manager Assessment
Areas to Improve Comments
Integration management More effective integration
control
To be improved in future
ventures
Scope management Be able to define scope more
accurately
To be improved in future
ventures
Cost management Reduce budget wastage To be improved in future
ventures
Time management Ensure more efficient work To be improved in future
ventures
Quality management More emphasis on quality To be improved in future
ventures
Risk management Be able to identify all large and
small risks
To be improved in future
ventures
Communication management Better communication with
other project team members
To be improved in future
ventures
Procurement management Reduce wastage of budget by
procuring correct amount of
resources
To be improved in future
ventures
Human resources management More effective implementation
of human resources in a project
To be improved in future
ventures
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Closure Report
Team Assessment
Areas to Improve Comments
Professionalism Excellent professionalism -
Collaboration Coordination needs to be
improved
Coordination will develop
with time
Teamwork Good, can be improved with
time
Teamwork will improve with
time
Conflict management Conflicting attitudes at small
trifles in project
Team members need to sort
out problems with a more
professional and realistic
approach
Responsiveness Team needs to be more
responsive
Communication skills need to
be enhanced
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Closure Report
Action Items/Future Projects
A lot of work is left in this project that will be completed by 2021. Within this time, the entire
studio needs to be designed, colored, set up and readied for business and enrollment of interested
people will have to be stated.
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Closure Report
Project Acceptance
Signature of sponsor
Printed name of sponsor
Date
Signature of project manager
Printed name of project manager
Date
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