Monitoring & Closing Deep Dive
Monitoring & Closing in Plain Terms
Think of project monitoring like a GPS system - it constantly tracks where you are versus where you should be, helping you stay on course. The closing phase is like landing an airplane - it requires a systematic approach to ensure everything is properly completed, documented, and handed over. Together, these processes ensure your project stays on track and concludes successfully.
What Are Monitoring & Closing?
Monitoring and controlling processes track, review, and regulate project progress and performance, identify areas requiring changes, and initiate corresponding changes. Project closing ensures all work is completed, deliverables are accepted, and resources are properly released.
Monitoring Processes
Closing Processes
Essential steps for properly closing a project
- Finalizing all project activities
- Confirming delivery and formal acceptance of deliverables
- Closing project accounts
- Releasing team and physical resources
- Audit project success or failure
- Identify lessons learned
- Transfer products, services, or results
Key outputs of the closing process
- Final product, service, or result transition
- Final report documentation
- Archived project documents
- Lessons learned documentation
- Project closure notifications
- Resource release confirmations
Key metrics and analysis methods
- Earned Value Analysis (EV)
- Schedule Performance Index (SPI)
- Cost Performance Index (CPI)
- To-Complete Performance Index (TCPI)
- Variance Analysis
Monitoring & Closing Best Practices
Effective monitoring and closing processes are crucial for project success. Through careful monitoring, you can identify and address issues before they become critical problems. Proper project closure ensures that all work is completed, accepted, and documented, providing valuable lessons for future projects.