Project success needs to be acknowledged by senior management.
The completion of the project is followed in Project Management terminology by the Closeout. It represents the formal end of the project when the deliverables, the WHAT of the project have been delivered. Again, this should be widely communicated, and all those contributing to the success of the project formally thanked by the sponsoring senior manager. Formal reward is in order depending on the company's attitude to remuneration and performance related pay.
It is also the time to take stock formally of how well the project was implemented. The projects successes and problems are highlighted and critically reviewed in a positive way. The results of this review should be formally documented for future reference and made available for discussion within the company as part of the knowledge management system. This retrospective review of the project will make a serious contribution to the learning process of all Project Managers and team members, so that projects can be organised even more efficiently in the future.
270 I References
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.