(This post contains affiliate hyperlinks. Please read my full disclosure.
If you don’t use PRINCE2 (r), or you need general guidance about project closing documents, please read this: How to Close a Project.
How does PRINCE2(r), close a project?
What are the objectives of the Closing a Project Process Process?
How do I close down a project?
What if the Project is closing before it completes?
Where can I find more guidance?

A project has a beginning, middle, and an end. Therefore, closing a project is an important step in the project management lifecycle.
A successful project close means a smooth transition for the project team. This involves the transfer of ownership to the operational team and makes it clear that they are no longer responsible.
The project manager and team will be able move on to the next assignment.
Clear completion of the project allows for the possibility to address any issues that may have occurred during the project.
How does PRINCE2(r), close a project?
PRINCE2(r), closes a project using a variant the Managing Stage Boundary process. This closure activity occurs at the end of a previous stage. This stage should include the planning of the work necessary to close the project.
Closing a Project is a process that closes a project. Instead of moving on to the next stage, it gets approval to close the project and handover operations.
What are the objectives of the Closing a Project Process Process?
Closing a Project has the following objectives:
To confirm that the products are being accepted by users
To ensure that the product support team can continue to work with the products after the project is over.
To compare the project’s performance to its baselines
You can assess the benefits that have been realized and update the forecast to plan for future benefits.
To ensure that all issues and risks are addressed, there are follow-up actions or recommendations.

How do I close down a project?
When closing a project, there are three areas you need to consider.
First, the project manager must ensure that the expected results are achieved.
This can be accomplished by updating the project plan, ensuring that all products meet the quality criteria, and ensuring that the project acceptance criteria have been met.
Second, the products of the project must be given to the operational team. This can be done one time or as part of a phased delivery.
If you have not completed anything, create a follow up action list for your operational team. This includes scheduling a review of benefits at later dates.
Third, evaluate the project. This allows you to compare the original project intent, as it was agreed upon in the initiation phase, with what was actually achieved.
An End Project Report can be used to present the evaluation. This report will show how the project performed against the targets, tolerances, and the baseline schedule. An evaluation can also include a Lessons Learned Report so that other projects can benefit from the lessons learned.
What if the Project is closing before it completes?
Sometimes, projects need to be stopped before they are completed. This can be due to a variety of reasons, including the fact that the business environment or strategy has changed and the project is no longer necessary.
If this is the case the project can still close in a controlled fashion. This will allow the project manager salvage any value and ensure that senior management is aware if there are any gaps after cancelling the project.
There may be some products lost if a project is prematurely closed.