Introduction
Closing a project in a formal manner presents evident benefits to companies. The most crucial one is that all of the tasks have been completed and all goals have been achieved. Without a formal close-up, project team members may feel uncertain of whether they succeeded or failed and whether something needs to be improved, removed, or added in the next similar project.
Benefits of a Formal Close-Up
Once a formal close-up has been completed, the company is able to evaluate the success of the project. Along with that, the project manager can assume any necessary improvements or alterations for the future (Ingason & Jonasson, 2020). On the contrary, if no formal close-up is done, it is impossible to single out which features of the project have been the most suitable and which ones should be avoided. Some of the project team members may realize what has been successful, but others may lack such an understanding. That is why a discussion of the result is of utmost importance.
Another benefit of a formal close-up is that it bolsters confidence and trust in the team’s ability to deliver great results. With an effective closure of the project, the company can demonstrate to its stakeholders that their investment was justified and worthwhile (Ingason & Jonasson, 2020). Hence, the organization will gain trust for future projects as it has demonstrated a thorough analysis of the work that has been done on the current one.
Conclusion
In conclusion, a formal procedure for closing up a project is a rather beneficial activity. Not only does it promote employees’ self-worth and team spirit, but it also encourages stakeholders to continue investing in the company. Clarity and visibility into the project’s accomplishments, the ability to track progress, and the opportunity to locate inefficiencies and mistakes are some of the major advantages of a formal close-out.
Reference
Ingason, H. T., & Jonasson, H. I. (2020). Project: Execution. Routledge.