ABSTRACT
The externally facing reason for properly closing out a project is to gather all the information needed by external stakeholders or customers so that their expectations are met. Contract closure is also the impetus for the “formal” notice to the stakeholder that the project is complete. Because it is externally focused, it is a two-way street. A note about contract closure: in some cases the project may have a contract that is administered by another organization, perhaps a centralized contracting organization. So many organizations undertake projects that are similar in nature that reusing previous projects information will save a significant number of resources. That is the internally facing reason for proper close-out. The collected lessons learned are critically important to the success of any future projects. Using the archived information from the project will allow similar projects to “hit the ground running.”
