Risk Management and

Project Closure
Project Management
 Process by which risks to the project
(e.g. to the scope, deliverables,
timescales or resources) are formally
identified, quantified and managed during
the project.

Risk Management
A project risk may be identified at any
stage of the project by completing a Risk
Form and recording the relevant risk
details within the Risk Register.
Risk Identification
• First step in risk management. Here, you try to
figure out all the possible risks that could affect
your project. Imagine you're planning a road trip.
Risk identification would be like thinking about all
the things that could go wrong, such as running
out of gas, getting a flat tire, or bad weather.
 Probability: How likely is it that this risk
will occur? For example, the chance of rain
on your road trip.

Impact: If the risk does happen, how bad

Analyze Probability will it be? For example, if it rains, will it just
and Impacts be a minor inconvenience, or will it cause
major delays?

You can rate each risk on a scale (e.g., low,

medium, high) for both probability and
impact.
Risk Registers
Tool used to document all the identified risks, their
analysis, and how you plan to respond to them. It's
like a detailed list or a spreadsheet where you keep
track of everything related to risks. For each risk,
you might include:
• A description of the risk
• The probability and impact ratings
• What you plan to do about it (response plan)
• Who is responsible for managing the risk
Plan Risk Responses
Planning Risk Responses involves deciding what
actions you'll take to deal with each risk. There are
several strategies you can use:
• Avoid: Change your plan to eliminate the risk. For
example, if there's a high chance of rain, you might
reschedule your road trip.
• Mitigate: Take steps to reduce the impact or
likelihood of the risk. For example, bring an umbrella
and check the weather forecast regularly.
• Transfer: Shift the risk to someone else. For example,
buy travel insurance.
• Accept: Sometimes, you might decide to just accept
the risk and deal with it if it happens. For example, you
might decide that a little rain won't ruin your trip.
 Project closure is the last phase of a project.
It’s when the project manager verifies that
the client, stakeholder or customer has
accepted the project
project deliverables. If the
deliverables.

project or product is ongoing after the

project, then maintenance must be set up.

What Is Project
Closure? The project manager will also review the
entire project before closing it, rating
performance and comparing that to
the baseline
baseline. The project team and project
management office (PMO) will be part of this
process, offering their observations and
feedback, which is collected in a lesson’s
learned document. This provides guidance
for future projects.
 Simply the results of project activities.

What Is a Project Can be big or small, and their number varies depending
on the project.

Deliverable?
Definition, Agreed upon by the project management team and
Examples & More stakeholders during the project planning phase.

Put another way, there are inputs and outputs in any

type of project. Inputs are what you put into the
project, such as data, resources, etc., and the outcomes
are the deliverables.
Project Closure Report?
Should contain the
Formal document that following elements:
summarizes the outcomes
• Project Goals and
of a project after it has been Objectives
completed. It’s a record of • Key Project
the project’s performance, Deliverables
captures lessons learned • Realized Benefits
and provides a final • Lessons Learned
assessment of whether the • Financial Summary
project met it’s objectives.
 Evaluate Your Project

Complete Paperwork

7 Steps to Project
Release Resources

Closure What Is Write a Project Closure Report

Project Closure? Conduct a Project Closeout Meeting

Archive Documents

Celebrate Success
Project Closure Checklist
Other project documents must
Start at the beginning with also be signed by the appropriate
Make sure that all deliverables have
the project scope document you
created and make sure that you’ve 1 been handed off and signed by
stakeholders, getting their approval 2 person, this includes any
outstanding contracts and
met all the requirements listed
and satisfaction. agreements with vendors and
there.
other contractors.

3
Other project documents must
Add all documents together,
also be signed by the appropriate
including finalizing all project
person, this includes any
outstanding contracts and 4 reports, then organize and archive
them as historical data to be used
agreements with vendors and
for future reference.
other contractors.
 Use collected paperwork to identify and document the lessons learned
over the course of the project, including any feedback from
stakeholders, so you don’t make the same mistakes in future projects.

Assign a transition support person to shepherd the project after

completion so that the project closure is thorough.

Release or reassign the project resources, which includes your team

and other project personnel and any equipment or site rentals used for
the project.

If you’ve not used a project management software, get one, as it helps

Project control not only the life cycle of the project but also the process of
closing the project thoroughly.

Closure Finally, but perhaps most importantly, celebrate with your project
team. They did the work and deserve credit and an opportunity to
Checklist blow off steam until the next project is started.
Determining if a Project is Ready
to Close
• Involves checking if all the work has been
completed and all the project goals have been
met. It's like making sure you've finished all your
assignments before the end of the semester. You
review the project plan and ensure all tasks are
done, all deliverables are completed, and any
outstanding issues are resolved.
Transfer of Project Deliverables
to Operational Control
• Handing over the finished product or service to
the team that will use or maintain it. Imagine you've
built a new app for your school. Now, you need to
give it to the IT department so they can manage
and support it. This step ensures that the people
who will take over know how to use and maintain
what you've created.
Determining if Project Objectives and
Business Value Have Been Attained
• Involves checking if the project has
achieved its goals and delivered the
expected benefits. For example, if
your project was to create a new app,
you would check if the app works as
intended and if it's providing the value
you expected, like improving
communication or saving time.
Conducting Lessons-Learned
Review
Looking back at the project to understand what went
well and what didn't. It's like reviewing your
performance after a big exam to see what you did
right and where you can improve. This helps you and
your team learn from the experience and do better in
future projects. You might ask questions like:
• What were the biggest challenges?
• What worked really well?
• What would we do differently next time?
Appropriate Celebrations
This is about recognizing and rewarding the hard
work and success of the project team. It's
important to celebrate achievements to boost
morale and show appreciation. This could be as
simple as a team lunch, a small party, or even just a
round of applause and thank-you notes.
Celebrations help to end the project on a positive
note and motivate the team for future projects.
Building Project Management
Capabilities in Organizations
Involves improving the skills and processes for
managing projects within the organization. This can
include:
• Training team members in project management
techniques.
• Developing standard procedures and best practices
for managing projects.
• Investing in tools and software that help manage
projects more effectively.
• By building these capabilities, the organization can
manage future projects more efficiently and
successfully.