Close-out reporting is possibly the foremost neglected activity in project management. When the project is complete, it’s tempting to possess the final product represent itself. What has been found, however, is that closing-out activities can bring a high return to the project managers.
The closing out of a project can bring closure to the project within the eyes of the stakeholders and might also provide a wonderful learning opportunity.
It provides an opportune time to require a poll of the project participants and learn how they perceived the method. What are you able to change/improve next time because the project manager? Did you learn anything about how the estimation process was done? What did the participants perceive to possess gone well?
One way to stay all of those learning points from surfacing all directly at the top of the project is to live the progress of the project.
This is also mentioned as project control. a part of successfully controlling a project is to possess project performance measures. These measures indicate when tasks are accomplished. It helps you to live whether you’ve completed what you thought you’d by the dates previously established.
You can also take a measurement observed as earned value reporting, or sometimes earned value analysis, which could be a method for measuring project performance. the strategy takes under consideration the planned and actual costs for all completed tasks and compares them.
It combines cost and schedule status to produce a whole current picture of the project. It indicates what quantity of the budget should have been spent visible of the quantity of labor done thus far, and the baseline cost for the task, assignment, or resource. There are various ways of calculating the earned value reporting that take into consideration variables like the budgeting cost of labor performed, the actual cost of labor performed, the price variance percentage, and also the estimate of completion.