81# - Tips for Closing Your Projects Successfully

In the vast realm of project management, each phase is like a chapter in a book, each holding its own significance.

Yet, the last chapter—the closure of the project—often determines how the story is remembered. The final brushstroke on a canvas determines the artwork's integrity.

Project closing, thus, isn't merely a conclusion but a crescendo; it encapsulates everything that has come before it and sets the stage for future endeavors. In this post, I explore the challenges of project closure, draw from real-world examples to understand the pitfalls, and delve into best practices that will help you successfully close your projects.?

Why Project Closure is More Than Just a Formality

• Realization of Benefits: The primary aim of any project is to realize specific benefits, be they financial, operational, strategic, or any other impact that matters. The closure phase provides an opportunity to measure and confirm these benefits. If the project has been managed and executed correctly, these benefits should align with what was projected in the business case. ?? Example: Apple uses this phase to assess ROI meticulously, with one of their product launches showing a staggering ROI of 200%.
• Validation of Completion: It's essential to determine that the project has strictly adhered to its predetermined scope, quality, and budget. Proper closure ensures that the deliverables match the stakeholder's expectations and that project goals have been achieved. A well-closed project leaves no ambiguity regarding its success metrics. ??Example: Amazon Web Services (AWS) checks customer adoption rates, recently reporting an 80% customer satisfaction rate for a new feature.
• Retrospection and Growth: Closure offers a golden opportunity for introspection. The team can delve into what went right and wrong and how processes can be improved. This iterative learning can significantly improve the efficiency of future projects. ?? Example: IBM reduced project failure rates by 30% through an iterative process of learning from past projects.
• Acknowledgment and Morale Boost: Every project is a testament to the team's hard work and dedication. Properly concluding a project gives a formal platform to appreciate this effort, fostering motivation and loyalty. ?? Example: Google’s project closure process includes team acknowledgment, resulting in a 25% increase in employee morale.

Common Challenges when Trying to Close a Project

1) Defining 'Completion'

The most fundamental challenge is pinpointing when exactly a project can be deemed complete. This definition varies across projects. For instance, in a software development project, is it after the coding phase, post-testing, or after successful user adoption?

?? Example: Tesla faced challenges with their Gigafactory project, which involved numerous elements from construction to technology integration. This led to shifting goalposts, affecting both project timelines and budget.

2) Stakeholder Expectations

Keeping all stakeholders satisfied is an art. Different stakeholders might have varying definitions or expectations of 'completion'. A marketing team might believe a project is complete after the promotional campaign, while the sales team might think it's only after the first sale.

?? Example: Unilever's multi-departmental projects often involve a range of stakeholder expectations. Managing these diverging perspectives led to a 15% variance in project outcomes, affecting the overall project's ROI.

3) Administrative Hurdles

Closing often comes with a slew of administrative tasks – final budget reconciliation, paperwork, transitioning project results to operational status. Overlooking or hastening through these can lead to future complications.

?? Example: Boeing's projects, especially defense contracts, require a plethora of approvals and documentation. This administrative aspect is often underestimated and can take up to 20% of total project time. Any oversight can lead to audit issues and legal complications.

4) Team Dynamics and Transition

As projects conclude, team members may be apprehensive about their next role or assignment. Addressing these anxieties and ensuring a smooth transition is crucial to retain talent and maintain morale.

?? Example: Microsoft invests in high-value projects involving specialized skills. Microsoft's dedicated HR practices help retain 95% of team members, proving how crucial this phase is for talent retention.

Tips for a Winning Project Closure

1) Comprehensive Closeout Plan

• Tip: Always start with a detailed closeout plan that acts as a roadmap. By outlining steps such as finalizing deliverables, releasing resources, benefits delivered and smooth handover, project managers can ensure systematic and thorough closure.
• Example: Procter & Gamble attributes signficant improvement in project success rates to their detailed closure plans.

2) Consistent Stakeholder Communication

• Tip: Keep stakeholders engaged and aligned until the end of the project by organizing regular feedback sessions where you update on progress and benefits achieved.
• Example: Facebook's effective stakeholder communication has reduced project failure rates.

3) Spreading Lessons Learned

• Tip: Instead a detailed project closeout report - that are often ignored and never read - make a presentation to your organization's project management commuinity sharing the lessons learned from your project.
• Example: GE’s focus on sharing lessons learned and summarized highlights from presopuvis projects has helped cut down project ramp-up time for future projects.

4) Team Transition and Celebration

• Tip: Planning the next steps for team members and acknowledging their efforts ensures that the talent feels valued and stays motivated for future assignments.
• Example: Salesforce holds team appreciation events at the end of key projects, boosting morale and promoting a culture of success.

Conclusion

Like the final note in a symphony, the way a project closes can resonate long after it's done. It reflects the entire project management process's diligence, strategy, and foresight.

Ensuring a systematic, thorough, and reflective project closing isn't just about ticking boxes; it's about solidifying the project's legacy, ensuring the realization of benefits, and paving the way for the future.

As project managers, understanding this significance and being equipped with the right knowledge can make the difference between a project that fades into obscurity and one that's heralded as a benchmark. It's the final step, but it echoes indefinitely in the corridors of an organization's success.

Thank you for your ongoing support and inspiration!?

Hasta la vista!

Antonio