This document discusses project monitoring and control. It defines monitoring as tracking key parameters like cost, schedule and risks throughout the project duration. Control is defined as comparing actual performance to the baseline plan and taking corrective actions. The document outlines the project control process and tools used like tracking Gantt charts and control charts. It also discusses topics like baselines, earned value analysis, updating estimates and using software like MS Project for project execution and control.
Earned Value AnalysisTracking Project ProgressWh.docxsagarlesley
Earned Value Analysis
Tracking Project Progress
What Is Earned Value?The dollar amount you planned to spend for the work actually completed
Earned Value is the budgeted cost of the work that has actually been performed/completed
Earned Value = Budgeted Cost of the Work Performed (BCWP)
What Is Earned Value Analysis (EVA)?
EVA enables the project progress to be tracked in terms of:
The work that has actually been completed
--- Compared To ---
The work that was scheduled to be completed
Why Is Earned Value Analysis Important?EVA enables the project team to know:If the project is ahead of, or behind schedule
How far the project is ahead of, or behind schedule
If the project is over or under budget
How much the project is over or under budget
Why Is Earned Value Analysis Important?EVA enables the team to address the project’s triple constraints earlier rather than later Scope – re-prioritize/reduce requirements
--- and/or ---
Schedule – adjust the timeline
--- and/or ---
Cost – request additional funding
The Components of Earned Value Analysis WBS – Work Breakdown StructureIdentifies products to be delivered by the project Products or sub-products should be broken down to what can be completed in 80 hours (“80-hour rule”), when applicable
Provides the basis for Distinct products or sub-products – which help to provideValid estimates – which enableTracking earned value / project progress
The Components of Earned Value Analysis Earned Value (EV) ---- or BCWPThe budgeted cost of the work actually performed How much work was actually completed
Planned Value (PV) ---- or BCWSThe budgeted cost of the work scheduled to be performed How much work should have been completed
Actual Cost (AC) ------- or ACWPThe actual cost of the work performedHow much money has been actually spent
The Components of Earned Value AnalysisBudget at Completion (BAC)Dollar amount originally budgeted to complete the project
Estimate at Completion (EAC)Estimate of dollar amount needed to complete the project
Variance at Completion (VAC)Estimate of the dollar amount projected above or below budget
Schedule at Completion (SAC)Projection of the time needed to complete the project
The Components of Earned Value Analysis
Schedule Variance (SV)The work completed vs. the work planned to be completed
SV = (Earned Value – Planned Value)
Tells us if the project is ahead of, or behind schedule
Negative value means the project is behind schedule
The Components of Earned ValueSchedule Performance Index (SPI)Utilized to forecast how long it will take to complete the project
SPI = (Earned Value / Planned Value)
Tells us if the project is ahead of, or behind schedule
Less than 1.00 means the project is behind schedule
The Components of Earned Value
Cost Variance (CV)What we planned to spend on the work completed vs. what was actually spent on the work completed
CV = (Earned Value – Actual Cost)
Tells us if the project is over or under budget ...
Earned Value AnalysisTracking Project ProgressWh.docxsagarlesley
Earned Value Analysis
Tracking Project Progress
What Is Earned Value?The dollar amount you planned to spend for the work actually completed
Earned Value is the budgeted cost of the work that has actually been performed/completed
Earned Value = Budgeted Cost of the Work Performed (BCWP)
What Is Earned Value Analysis (EVA)?
EVA enables the project progress to be tracked in terms of:
The work that has actually been completed
--- Compared To ---
The work that was scheduled to be completed
Why Is Earned Value Analysis Important?EVA enables the project team to know:If the project is ahead of, or behind schedule
How far the project is ahead of, or behind schedule
If the project is over or under budget
How much the project is over or under budget
Why Is Earned Value Analysis Important?EVA enables the team to address the project’s triple constraints earlier rather than later Scope – re-prioritize/reduce requirements
--- and/or ---
Schedule – adjust the timeline
--- and/or ---
Cost – request additional funding
The Components of Earned Value Analysis WBS – Work Breakdown StructureIdentifies products to be delivered by the project Products or sub-products should be broken down to what can be completed in 80 hours (“80-hour rule”), when applicable
Provides the basis for Distinct products or sub-products – which help to provideValid estimates – which enableTracking earned value / project progress
The Components of Earned Value Analysis Earned Value (EV) ---- or BCWPThe budgeted cost of the work actually performed How much work was actually completed
Planned Value (PV) ---- or BCWSThe budgeted cost of the work scheduled to be performed How much work should have been completed
Actual Cost (AC) ------- or ACWPThe actual cost of the work performedHow much money has been actually spent
The Components of Earned Value AnalysisBudget at Completion (BAC)Dollar amount originally budgeted to complete the project
Estimate at Completion (EAC)Estimate of dollar amount needed to complete the project
Variance at Completion (VAC)Estimate of the dollar amount projected above or below budget
Schedule at Completion (SAC)Projection of the time needed to complete the project
The Components of Earned Value Analysis
Schedule Variance (SV)The work completed vs. the work planned to be completed
SV = (Earned Value – Planned Value)
Tells us if the project is ahead of, or behind schedule
Negative value means the project is behind schedule
The Components of Earned ValueSchedule Performance Index (SPI)Utilized to forecast how long it will take to complete the project
SPI = (Earned Value / Planned Value)
Tells us if the project is ahead of, or behind schedule
Less than 1.00 means the project is behind schedule
The Components of Earned Value
Cost Variance (CV)What we planned to spend on the work completed vs. what was actually spent on the work completed
CV = (Earned Value – Actual Cost)
Tells us if the project is over or under budget ...
project control using earned value analysis - Part 01 waleed hamdy
Project control using earned value analysis - Part 01
Mission of the projects control division
Why the earned value management?
Establishment of the Performance Measurement Baseline
EVM Analysis & Forecasting
Project Mangement - overview of the Cost Management knowledge area within project management. Describes the 4 processes within Project Cost Management and the process groups impacted.
Blog: https://agile-mercurial.com
YouTube: https://www.youtube.com/channel/UCPM82of2YuqIR1SgLGHa1eg
Twitter: https://twitter.com/agile_mercurial
Tumblr: https://agilemercurial.tumblr.com/
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd.
Today's Effort For A Better Tomorrow
Develop a network schedule for your project using either the arrow.docxkhenry4
Develop a network schedule for your project using either the arrow diagramming method or the precedence method. Also, your project schedule should illustrate float/slack for each activity.
Table 1.1. Project Tasks details
Activity
Predecessor
Anticipated Resources
Added Resources
Duration
Early start date
A (Retirement and social security benefits)
None
$126
$50
One year
1/1/2019
B (Audit & risk evaluation)
A
$118
$25
11 months
2/1/2019
C (Equipment Maintenance)
B
$121
$30
8 months
2/1/2019
D (Training & Development)
A, B
$109
$25
One year
1/2/2019
E (Logistics, appraisals & rewards)
D, C
$118
$30
One year
1/2/2019
Precedence Diagramming Method:
ES
Duration
EF
Activity Legend
LS
Float/slack
LF
LS= Late start Dependency
LF= Late Finish
ES= Early start
EF= Early finish
F= Float/Slack
08/09/2019
1 year 7 months
03/04/2021
Activity B Audit & Risk Evaluation
12/19/2020
2 months
Resources=$25
03/04/2021
07/25/2019
11 months
06/22/2020
Activity C Equipment & Maintenance
08/1/2019
4 months
Resources=$30
12/22/2020
12/27/2019
8 months
08/05//2020
Activity A Retirement & social security
Resources =$50
03/05/2020
3 days
03/8/2020
07/31/2019
2 months
09/23/2019
Activity E Logistics, Appraisals & Rewards
08/10/2019
2 days
Resources=$30
08/12/2019
03/22/2019
1 month
04/09/2019
Activity D Training & Development
03/22/19
5 days
Resources =$25
03/28/2019
5 Activities with 6 dependencies
Running head: EVM PAPER 1
EVM PAPER 1
EVM Paper
Mary Krenisky
Joe Scott
BUS 419
August 27, 2018
EVM Paper
In the current project, additional resources are added at in each work activity to complete the work packages in a quickly. The resources are added to these activities to reduce the slack that may originate if the project is accomplished based on planned resources only. An earned value analysis has to be performed to keep track of a project’s performance. This type of assessment gives a general review about the performance of a project along the chosen course. It has been noted that after adding more resources for the achievement of the ventures successfully, the slack time has been decreased and the work is going on faster than planned.
Earned value management is employed in different forms to determine the performance of the projects. By using this technique, the cost, schedule and, scope of the project are integrated that in turn aids the team of project administration to calculate and evaluate fulfillment and growth of the plan (Usmani, n.d.). The measurements of earned value are utilized by all managers of the projects. There are three main components of earned value management which are
• Actual cost
• Earned value
• Planned value
Planned value
It is the value of a task to be accomplished in a specified time. Overall planned value is known as ‘Budget at completion.’ Planned value also acts as a project’s baseline (Usmani, n.d.).
Actual cost
Actual cost denotes the quantity of money which is i.
project control using earned value analysis - Part 01 waleed hamdy
Project control using earned value analysis - Part 01
Mission of the projects control division
Why the earned value management?
Establishment of the Performance Measurement Baseline
EVM Analysis & Forecasting
Project Mangement - overview of the Cost Management knowledge area within project management. Describes the 4 processes within Project Cost Management and the process groups impacted.
Blog: https://agile-mercurial.com
YouTube: https://www.youtube.com/channel/UCPM82of2YuqIR1SgLGHa1eg
Twitter: https://twitter.com/agile_mercurial
Tumblr: https://agilemercurial.tumblr.com/
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd.
Today's Effort For A Better Tomorrow
Develop a network schedule for your project using either the arrow.docxkhenry4
Develop a network schedule for your project using either the arrow diagramming method or the precedence method. Also, your project schedule should illustrate float/slack for each activity.
Table 1.1. Project Tasks details
Activity
Predecessor
Anticipated Resources
Added Resources
Duration
Early start date
A (Retirement and social security benefits)
None
$126
$50
One year
1/1/2019
B (Audit & risk evaluation)
A
$118
$25
11 months
2/1/2019
C (Equipment Maintenance)
B
$121
$30
8 months
2/1/2019
D (Training & Development)
A, B
$109
$25
One year
1/2/2019
E (Logistics, appraisals & rewards)
D, C
$118
$30
One year
1/2/2019
Precedence Diagramming Method:
ES
Duration
EF
Activity Legend
LS
Float/slack
LF
LS= Late start Dependency
LF= Late Finish
ES= Early start
EF= Early finish
F= Float/Slack
08/09/2019
1 year 7 months
03/04/2021
Activity B Audit & Risk Evaluation
12/19/2020
2 months
Resources=$25
03/04/2021
07/25/2019
11 months
06/22/2020
Activity C Equipment & Maintenance
08/1/2019
4 months
Resources=$30
12/22/2020
12/27/2019
8 months
08/05//2020
Activity A Retirement & social security
Resources =$50
03/05/2020
3 days
03/8/2020
07/31/2019
2 months
09/23/2019
Activity E Logistics, Appraisals & Rewards
08/10/2019
2 days
Resources=$30
08/12/2019
03/22/2019
1 month
04/09/2019
Activity D Training & Development
03/22/19
5 days
Resources =$25
03/28/2019
5 Activities with 6 dependencies
Running head: EVM PAPER 1
EVM PAPER 1
EVM Paper
Mary Krenisky
Joe Scott
BUS 419
August 27, 2018
EVM Paper
In the current project, additional resources are added at in each work activity to complete the work packages in a quickly. The resources are added to these activities to reduce the slack that may originate if the project is accomplished based on planned resources only. An earned value analysis has to be performed to keep track of a project’s performance. This type of assessment gives a general review about the performance of a project along the chosen course. It has been noted that after adding more resources for the achievement of the ventures successfully, the slack time has been decreased and the work is going on faster than planned.
Earned value management is employed in different forms to determine the performance of the projects. By using this technique, the cost, schedule and, scope of the project are integrated that in turn aids the team of project administration to calculate and evaluate fulfillment and growth of the plan (Usmani, n.d.). The measurements of earned value are utilized by all managers of the projects. There are three main components of earned value management which are
• Actual cost
• Earned value
• Planned value
Planned value
It is the value of a task to be accomplished in a specified time. Overall planned value is known as ‘Budget at completion.’ Planned value also acts as a project’s baseline (Usmani, n.d.).
Actual cost
Actual cost denotes the quantity of money which is i.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
1. M.SC.,ACCOUNTING AND FINANCE
PROJECT ANALYSIS AND
EVALUATION
CODE AcFn621-CREDIT HOURS-3
CHAPTER-FIVE
EXECUTION AND MONITORING
PROF. DR. CHINNIAH ANBALAGAN
PROFESSOR OF M.SC., ACCOUNTING & FINANCE
COLLEGE OF BUSINESS AND ECONOMICS
SAMARA UNIVERSITY, ETHIOPIA, EAST AFRICA
EMAIL ID: dr.chinlakshanbu@gmail.com
2. Monitoring and Control
The duration of the project and covers the
development process.
Monitors all key parameters like cost,
schedule, risks, etc.
Takes corrective actions when needed.
Needs information on the development
process.
3. The Project Control Process
Control
The process of comparing actual performance against plan to
identify deviations, evaluate courses of action, and take
appropriate corrective action.
Project Control Steps
1. Setting a baseline plan.
2. Measuring progress and performance.
3. Comparing plan against actual.
4. Taking action.
Tools
Tracking and baseline Gantt charts
Control charts
4. What is a baseline?
It makes the plan difficult to change
It is rather like writing the plan (schedule and cost)
on the backside of Moses’ tablets
Its an anchor point for measuring performance
against plan
Planned cost
Planned schedule
Planned scope
9. Processes Utilized of the Lifecycle
Integration management:
Monitor and Control Project Work
Perform Integrated Change Control
Scope management:
Control Scope
Time management:
Control Schedule
Cost management:
Control cost
Quality management:
Perform Quality Control
11. Controlling Changes to the Project
Schedule
Perform reality checks on schedules
Allow for contingencies??
Don’t plan for everyone to work at 100%
capacity all the time
Hold progress meetings with stakeholders and
be clear and honest in communicating
schedule issues
12. Execution
Focus and leadership are keys to success in
execution
Poor execution leads to losses in the business
world just as it does in sports
13. Factors Leading to Poor Execution
Multitasking-doing several things at once
Procrastination (student syndrome)-putting
things off until the last minute
15. Cost Control
Project cost control includes
monitoring cost performance
ensuring that only appropriate project changes
are included in a revised cost baseline
informing project stakeholders of authorized
changes to the project that will affect costs
Earned value analysis is an important tool for cost
control
16. Earned Value Analysis (EVA)
EVA is a project performance measurement
technique that integrates scope, time, and cost data
Given a baseline (original plan plus approved
changes), you can determine how well the project
is meeting its goals with EVA
You must enter actual information periodically to
use EVA. Figure 6-1 shows a sample form for
collecting information
17. Glossary of Terms
EV Earned value for a task is simply the percent complete times its original budget. Stated differently, EV is the
percent of the original budget that has been earned by actual work completed.
PV The planned time-phased baseline of the value of the work scheduled. An approved cost estimate of the
resources scheduled in a time-phased cumulative baseline [BCWS—budgeted cost of the work scheduled].
AC Actual cost of the work completed. The sum of the costs incurred in accomplishing work. [ACWP—actual cost
of the work performed].
CV Cost variance is the difference between the earned value and the actual costs for the work completed to date
where CV = EV – AC.
SV Schedule variance is the difference between the earned value and the baseline line to date where SV = EV –
PV.
BAC Budgeted cost at completion. Total budgeted cost of the baseline or project cost accounts.
TAC The duration of the critical path
EAC Estimated cost at completion.
ETC Estimated cost to complete remaining work.
VAC Cost variance at completion. VAC indicates expected actual over- or under-run cost at completion.
18. Earned Value Analysis Terms
Budgeted cost of work performed (BCWP), also called
earned value, is the percentage of work actually
completed multiplied by the budget for the activity
Budgeted cost of work scheduled (BCWS), also called
planned value, is that portion of the approved total cost
estimate planned to be spent on an activity during a given
period
Actual cost of work performed (ACWP), also called
actual cost, are the total direct and indirect costs incurred
in accomplishing work on an activity during a given
period
19. Earned Value Analysis-EVA
Earned value = Budgeted Cost of Work Performed
(BCWP)
Planned value = Budgeted Cost of Work
Scheduled (BCWS), and
Actual Cost = Actual Cost of Work Performed
(ACWP)
When you complete an activity, you earn the
budgeted value of that activity
20. Schedule Variance (SV)-Ahead or Behind
Defined as the difference between the budgeted
cost of work performed and the budgeted cost of
work scheduled
= BCWP – BCWS = EV - PV
Is also equal to Earned Value (EV) minus Planned
Value (PV)
Indicates the deviation between the work content
performed and the work content scheduled to be
performed for the control period
21. Cost Variance (CV)—over or under
Defined as the difference between the budgeted
cost of work performed and the actual cost of work
performed
= BCWP – ACWP = EV - AC
Is also equal to Earned Value (EV) minus Planned
Value (PV)
A positive CV indicates a lower actual cost than
budgeted for the control period, while a negative
CV indicates a cost overrun
22. Schedule Performance Index (SPI)
Defined as the ratio BCWP/BCWS = EV/PV
A value close to 1 indicates an activity that is on
schedule
Values greater than 1 suggest the activity is
ahead of schedule
Values less than 1 indicate a schedule overrun
23. Cost Performance Index (CPI)
Defined as the ratio BCWP/ACWP = EV/AC
A value close to 1 indicates an activity that is on
budget
Values greater than 1 suggest the activity is
below budget
Values less than 1 indicate a budget overrun
24. Rules of Thumb for EVA Numbers
Negative numbers for cost and schedule
variance indicate problems in those areas. The
project is costing more than planned or taking
longer than planned
CPI and SPI less than 100% or 1 indicate
problems with cost or schedule
The project is over-budget if CPI < 1
The project is behind schedule if SPI < 1
26. In the Figure above
Budget At Completion = BAC = Original Budget At The
Planned Completion Date
Time At Completion = TAC = Original Completion Time
In the figure above, $100,000 in month 12
Estimate At Completion = EAC = BAC/CPI
Estimate At Completion = $100,000/.83 = $120,455
Estimated Time To Complete = ETAC = TAC/SPI
Estimated Time To Complete = 12/.96 = 12.55 mos.
27. Why Earned Value Analysis??
You can’t tell what your true cost variance is
because you don’t know where you are
relative to schedule
Suppose you are behind schedule but also
you have spent less than what the schedule
has called for. Are you really under
budget?
28. Updating Cost Estimates
BAC = Budget at completion = total budget
of the project activities based on the original
project plan
Assuming the original budget (the BAC) was
$200,000 and the CPI is 1.12, what is EAC?
EAC = BAC / CPI = $200,000 / 1.12
$178,571
29. Updating Schedule Estimates
TAC = Time At Completion = total time required
to complete the schedule, as determined by the CP
ETAC = Estimated (revised) time to complete
Assuming the TAC was 12 months and the SPI =
.77, what is the ETAC?
ETAC = TAC / SPI = 12 / .77
15.6 months
30. Cont’d
WR = Work Remaining = budgeted cost of the
work not yet accomplished by the end of the
reporting period
WR = BAC – BCWP = BAC - EV
EAC = updated estimate of the Total Project Cost
= BAC/CPI = BAC/CI
ETAC = Updated Estimate Of The Total Project
Duration = TAC/SPI = TAC/SI
31. Earned Value Chart for Project
After Five Months
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
1 2 3 4 5 6 7 8 9 10 11 12
Month
$
BCWS or Cumulative Plan ACWPor Cumulative Actual BCWPor Cumulative EV
BCWS
ACWP
BWCP
BAC
EAC
34. Software to Assist in Cost
Management
Spreadsheets are a common tool for resource
planning, cost estimating, cost budgeting,
and cost control
Many companies use more sophisticated and
centralized financial applications software
for cost information
Project management software has many
cost-related features
35. MS Project for Execution &
Control
First, make certain your project plan is
complete and final
Second, save it as a baseline
Begin entering actual information
Actual costs
Percentage complete
36. Tracking: MS Project will track
Task start dates
Task finish dates
Task duration
Task cost work
Percentage of task that is complete
37. Entering Actual Start & Finish
Dates for a Task
On the view bar, click Gantt chart
In the task name field select the task to
update
On the Tools menu, point to tracking and
click Update Tasks
Under Actual, type the dates in the Start and
Finish boxes
38. Indicating Progress On A Task As
A Percentage
In the task name field of the Gantt Chart
Double click—this brings up the task
information sheet
Select the general tab
In the percentage complete box type a whole
number between 0 and 100
39. Entering Actual Costs for a
Resource Assignment
On the Tools menu, click options, then click the
calculation tab
Clear the Actual costs are always calculated by MS
Project check box
Click OK
On the view bar, click Task usage
On the view menu, point to the Table, and click Tracking
Drag the divider bar to the right to view the Activity Cost
field
In the activity cost field, type the actual cost for the
assignment for which you want to update costs
40. Close Out of Project
Project closeout is the last phase of
the project management lifecycle.
During the project
closeout phase, project deliverables are
transitioned to the business owners.
Before the project is officially closed,
the project team must hold a stakeholder's
meeting.
41. Important of Project Close Out
Project Management Processes (Initiation,
Planning, Execution, Monitoring and
Controlling), Project Closing serves
an important purpose for the organization
and helps it avoid unfavorable and adverse
scenarios
42. The Key Activities Of Close Project
Project Management Consists of five
process groups, namely initiating, planning,
execution, monitoring and control,
and closing.
The project closure phase consists of the
processes that are performed to officially
finish and close all the assignments in
a project or phase.
Why is project closeout important?
Why Is Project Closing Important? Just as any of the other project management processes (Initiation, Planning, Execution, Monitoring
43. Close Out Document
The purpose of the close out document is to
assess the project's performance, identify the
lessons learned, and confirm that essential
contractual and other project closure
activities have been completed.
The close out document is intended to
summarize the project record.
What is a close out document?
The purpose of the close out document is to assess the project's performance, identify the lessons learned, and confirm that essential