Project Management: Contract Closeout, Best Practices, and Reports

This project management assignment focuses on the critical process of contract closeout, emphasizing best practices to ensure stakeholder satisfaction and successful project completion. The solution outlines key steps, including obtaining formal acceptance from stakeholders, completing procurement payments, and generating project performance reports. It stresses the importance of documenting lessons learned and handing over project products with comprehensive documentation. The assignment also highlights the significance of closing project resources and gathering insights for future improvements. The solution references relevant literature to support the strategies for effective contract closeout, aiming to maximize project value and ensure a smooth transition to project closure.

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student:
Name of the University:

1PROJECT MANAGEMENT
Procurement - Contract Closeout Options
Following are the best practices which are to be considered by the project manager to
make sure that contract is closed and stakeholders are satisfied:
i. Once the project is closed, completion of project stakeholders and product delivered to
customer there is required to obtain formal acceptance of the stakeholders for completed
project task (Ding, 2016).
ii. As the project is closed, the procurement manager should complete payments made to the
suppliers. Then there is closure of procurement phase (Pheng, 2018).
iii. In order to ensure stakeholder’s satisfaction, formal acceptances of project deliverables
are to be taken from them. The stakeholders provide it through written document and
email. When the stakeholders sign off the project document, then it stated that they accept
project outputs.
iv. The project performance report included cost, schedule, quality are calculated as
procurement closure step. It should review if the project is completed under budget or not
(Ding, 2016).
v. Final versions of project plan and project documents are being achieved into the business
records.
vi. A lesson learned documents are gathered from project stakeholders to store assets of
company. On weekly basis, the lessons learned documents are updated as per project
progress.

2PROJECT MANAGEMENT
vii. After completion of project plan, the project products are handed to the end customers
(Pheng 2018). The handover is required period of documents described how to operate
the product in the business organization.
viii. All the project resources are closed; inputs of lessons learned from resources are being
collected and released of project resources.

3PROJECT MANAGEMENT
References
Ding, R. (2016). Project Closure Aiming for Maximum Value. In Key Project Management
Based on Effective Project Thinking (pp. 325-338). Springer, Berlin, Heidelberg.
Pheng, L. S. (2018). Project Integration Management. In Project Management for the Built
Environment (pp. 47-61). Springer, Singapore.