Finalise and Review Project

It is sometimes surprising just how many financial records are generated during the lifetime of a project. Every invoice or receipt must be carefully stored and recorded so that at the end of the project, each of these items can be fully accounted for. Some of the financial records and activities that you should finalise at this stage include:

• paying any outstanding invoices
• completing all payroll activities and ensuring all payroll tax is paid and all team members have received their payments
• invoicing final payments to the project sponsor or client
• accounting for any money paid as deposits or from the sale of equipment
• completing final accounting statements
• auditing and determining where any problems existed

A critical indicator of your progress is the project budget compared against deliverables in terms of funds spent. The cost per deliverable and milestones defines the overall budget for your project. In computing the project budget, the project work should be specified by both expected and actual values.

Track project costs throughout the project lifecycle using an effective and efficient cost accounting system that works for you. It is best to immediately identify where costs are running over the budget so you can adjust as needed.

In your tracking, break down work activities according to trade/specialties, phases, or activities noted in the project schedule. Then, identify costs by type (materials, labour, equipment, subcontracted labour, etc.). It is important to keep your accounting records updated so you can refer to it at any point for whatever decision-making that needs to be done.

All projects need a formal sign-off. While it usually means the acceptance of the completion of the project, a project sign-off can also mean:

• approval of the project plan
• approval of a significant deliverable in the project.

At this stage of the project, a sign-off signifies the end or completion of a project. It involves making sure that the deliverables are complete and accomplished according to the project scope. It also means a formal acceptance of the project results by the relevant stakeholders who agree that everything they had been expecting is delivered and hence, the job of the project team is completely over.

Examples of stakeholders who may sign off on your project include:

clients delegating authorities sponsor/funding body management.

To obtain sign-offs for concluding the project, you may need to include the following documents along with the deliverables:

• Project plan
• Expenditures
• Resource allocation
• Risk log
• Reports completed throughout the project.

The process for sign-off includes the relevant stakeholders inspecting the project deliverables and signing an acceptance form. This document confirms that the deliverables have been checked against the standards set at the beginning of the project and are approved by the clients.

In sum, the project sign-off means:

• The project is accomplished within the contracted time
• The client is satisfied with the result
• The outcomes met the project scope and quality
• The project reached its objectives and can be closed as appropriate.
• The project team is no longer responsible for further development without any new billing

Transitioning team members at the end of a project

It is important to understand that project team members have given up a lot to be a part of a project – a stable job, advancement in their careers, loss of regular contact with colleagues, and so on. This must be considered when they return to their regular duties. It's also important to remember that some projects fail for a variety of reasons, and it is easy to overlook a project team member’s contribution in these situations. In the absence of a project team member, a department may have moved on and someone else may have ‘backfilled' his or her role. In this circumstance, it is possible that the project team member's return will cause stress and pressure.

‘Re-entry syndrome’ is the shock involved with transitioning to one's departmental culture after immersion in a project team culture for the returning project team member. Even when a project has been a highly successful, it might trigger negative stress reactions. Isolation and depression are common reactions during the transfer back to the home department. These issues are exacerbated if the project is abruptly terminated or if there are considerable other stresses on the project that have not been effectively addressed. Employees may experience feelings of loss, remorse, and frustration because of their normal colleagues perceived lack of understanding and respect for their project experiences.

How might the transition be made easier? Effective organisational policies and procedures can play a vital role in preventing or decreasing the effects of stress as the project ends, as well as supporting the worker reintegrate after the assignment is completed. The following are recommended procedures:

• Regular communication on the project between project managers, line managers, and the HR Department about reintegration of project staff and how to best deal with employees who have back-filled duties
• Project team members should be given adequate notice of the intended return to the business department.
• An exit debriefing, which includes a performance review, at the end of their project assignment
• A thorough handover process prior to returning to their normal duties
• Following a project team members return, a full debriefing with management, including confirmation of the function that individual will play in the department moving forward
• A method for all stakeholders to communicate the role that the returnee will play during and after the project.

The golden rule of transitions is that they always include some sort of loss – project management is no exception. Managing the complicated sentiments associated with the transition is preferable to sweeping them under the rug and the best remedy is to ensure that a transition framework is developed as part of the project’s set-up through good collaboration amongst relevant management.

Writing your final report

The final step in the project management process is writing a comprehensive report on the way the project was completed. This should review the overall project against the original project plan that you established early in the project process. In your final report you should address:

• the deliverables compared to what is in the scope document
• how well the deliverables met the needs of the client or your organisation
• the maintenance required to the system
• what changes you may feel are needed to bring the project in line with the required deliverables.

A section should on comments and possible changes for reference to comparable projects is recommended in addition to the material listed above.

This report should then be submitted to the stakeholders upon completion of the project.

Surprisingly, determining whether a project was successful or not may be difficult at times. Most of the time, it is obvious on first impression alone if a project was a success or a failure. Most of the time, it is clear if a project was a success, or a failure based just on initial impressions. You can simply know by looking at the outcome and reflecting on your goals. Using your roadmap analogy, ask yourself: did you end up where you wanted to go? Sometimes, however, evaluating can be difficult, especially when the line between failure and success is thin. What if you succeeded and your company is happy, but you exceeded your budget? You may have achieved some aspects of your plan but not others. In these cases, success is relative.

The important aspect of the evaluation process is determining what you have learnt and how you can apply this to future projects. What factors do you feel will allow you to determine whether you have succeeded? These are the most effective criteria for establishing success, as they are quantitative and allow you to ascertain exactly how well you met your objectives and whether your project can be called a success. This is where a post-implementation review comes in.

Post-implementation review

A post-implementation review aims to assess whether the project objectives were met. By conducting one, you will be able to see whether the undertaking of the project was effectively done. The good points of management can be replicated, and the mistakes avoided in future projects.

To successfully evaluate how well the project was implemented, you need to collect information. And be thorough in your documentation. Take note of everything – the processes, the problems encountered, and the lessons learnt.

Listed below are sources of information and corresponding questions to guide you in your review:

Watch the following video which will expand on these points and provide useful information on how you can capture lessons you have learned at the end of a project.

Feedback is valuable information that assists in deciding the best course of action. It offers opportunities for growth and improvement and serves as a tool for continuous learning. There are three forms of feedback:

• Positive feedback: Positive feedback refers to feedback that applies to situation where an individual has done a good job. It is used to advise an individual of what is being done well or correctly and what they should continue to do.
• Constructive feedback: Constructive feedback refers to feedback that highlights how an individual could do better next time. It is supportive and provides solutions or opportunities to address specific issues or concerns.
• Negative feedback: Negative feedback refers to feedback that describes behaviour that is perceived as negative. It points out what an individual is doing poorly (or wrong) and how to change the behaviour. It is usually given only after an individual has not responded to constructive feedback.

Throughout the project cycle, regular feedback keeps everyone on track. After the project has been implemented, feedback post-completion helps you understand the things that could be improved for better results in the future.

Feedback often involves criticism so it can be a hard process for some. However, when done the right way, it can help you evolve personally and professionally. Most of all, there are direct benefits to the business and current and future projects.

Feedback involves listening actively and taking time to analyse the responses to do better moving forward or for similar projects in the future. This will play a huge role in your process for continuous improvement.

However, the process of feedback alone is not sufficient. It must be thoroughly documented as well. By doing this, you can preserve the records for future reference. During discussions in succeeding projects, it helps with effective and efficient decision-making if there is a narrative as to how the decisions were made, how the team responded to certain situations, feedback after project completion, and suggested improvements.

Key points

• In the ‘close phase’ of any project, your key objective is to ensure that the deliverables are all complete and that any loose ends are tied up before you begin to review the project.
• In financial recordkeeping, every invoice or receipt must be carefully stored and recorded so that at the end of the project, each of these items can be fully accounted for.
• Project sign-off signifies the end or completion of a project. It involves making sure that the deliverables are complete and accomplished according to the project scope.
• Final reports should review the overall project against the original project plan that you established early in the project.
• A post-implementation review evaluates how well the project was implemented. It can also be used as a point of reference for future similar projects.
• Feedback must be documented as it is valuable information for improvement and continued learning.

Undertaking a project involves many phases and different moving pieces working together to achieve specific project objectives. It starts with establishing project parameters which include identifying the project scope, defining stakeholders and their responsibilities, and clarifying project-related issues such as reporting requirements, the availability of resources, and the relationship of the project to other projects and organisational objectives.

The second phase of project management involves the development of the project plan. In this phase, risks are identified and the budget, timeframes, project parameters, and deliverables are finalised so that they can be presented for sign-off. Once necessary approvals from relevant stakeholders are gained, it is now a matter of implementing the plan, maintaining recordkeeping systems, managing finances, and undertaking risk management as required.

Towards the completion of the project, phase four commences with the finalising and review of the project. This is where financial recordkeeping is confirmed according to the agreed budget and sign-offs for project completion are obtained. To cap off the project management process, reviewing project outcomes against the project scope and the documentation of feedback and suggested improvements are highly recommended.

Watch the following video to learn more about how and why to close a project.