This is the smallest process group with only two processes. How we close the project is defined in the project management plan and we begin by closing procurements. That is making sure that the terms of all the contracts have been met by both sides. Once that’s done, we can close the project which involves holding lessons learned meetings with the stakeholders and sponsor to identify what we did right and what we did wrong.
A second very important part of closing is that we archive the project data and all of the management plans together so they can be used to save future project managers work. A key concept here is that we don’t reinvent the wheel on every new project.