The project closeout phase represents the completed project. Final deliverables are handed over at this time, vendors who were hired for project-specific work are terminated, and valuable team members are recognized.

Once the project is finished, the project manager still has a few tasks to complete. Many project managers hold a meeting — often called the post-mortem or project retrospect — to evaluate what went well in a project and identify any project failures.

They need to create a project punch list including tasks that didn’t get accomplished during the project and work with MKA and other stakeholders to resolve them. Additionally, project managers need to complete a final project budget and a project report and collect all project documents to store them in a single location for future reference.