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Congratulations! You've made it to the end of the project, the stakeholders are ecstatic, and you've received great praise for a job well done. Now it's time to kick back, put your feet up, and relax — right?
Not quite yet. Even though the work of the project is finished, your job isn't over yet. The Closing process of the project life cycle involves closing out the books, paying the vendors, documenting the final project outcomes, and evaluating the project. During this process, you will examine all the things that went right and all the things that didn't go quite so right on the project, learn from those things, and document them. All the documents you created on this project will serve as a reference for your next project.