On the side of client relationships, it garners trust built on timely and complete delivery. Lastly, a project closeout process provides an important structure that has a powerful ripple effect. In essence, a project closeout ensures that there are no loose ends that could directly or indirectly impact the next initiative i.e. As a project is ending, those same team members are likely starting another project. Having all your financial ducks in a row is crucial for both your organization’s internal and bottom line interests, as well as being consistent and organized with external stakeholders that you may - or may not - choose to work with again.Īnother reason lies in your team’s overall transition dynamic. Part of your project closeout documentation should include a financial report that has the cost of each resource, ongoing costs, the projected budget vs. Project closeout is important for a number of reasons - first and foremost, it is part of creating a seamless financial process for providing final payments to teams and resources.
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