Answer:
Administrative activities, such as archiving project files, closing out contracts, documenting lessons learned, and receiving formal acceptance of the delivered work as part of the phase or project, are often involved in closing.
Explanation:
A project is any exercise by an individual or group that has been carefully designed to achieve a certain future goal. A project needs to take into a account various strategies for it to actually achieve what was originally set out in the goals. A project that achieves its goals can be described as a successful project. Most undertakers of a project always wish for their project to be successful, since a project always involves investment in terms of finance, human resources and time. The amount of investment in a project depends on the scope and level of complexity of the project. Vast complex projects usually require for them to be broken down into different phases to make them simple in understanding and execution.
For projects to be successful, one needs to find a way in which the resources going into the project are dealt with in such a way that the direction of the project is in line with the project goals. This is what is defined as project management and it has different phases. The phases of project management are;
1. Initiating: this deals with the planning phases of the project where the goals are set and the project needs are determined. This phase deals with determining the procedure for project execution.
2. Executing; once all the project needs have been determined and purchased, they are put to work.
3. Monitoring and controlling: in this stage, the workings of the project are checked if they have attained the standards stated.
4. Closing: in this stage, administrative activities, such as archiving project files, closing out contracts, documenting lessons learned, and receiving formal acceptance of the delivered work as part of the phase or project is done.
