Project closurecompleted projects vs. terminated projects Assignment

Project closurecompleted projects vs. terminated projects - Assignment Example Closing. The project work has been completed within schedule, budget and performance parameters identified during the planning phase and the project has met its end objectives. This is also unknown as Natural Closure. A project may end prematurely because either it has not met its end objectives or is expected to fail. Another reason for closing the project could be that it is no longer aligned with corporate strategy. Termination by Extinction. The project ends prematurely because it did not meet its end objectives or was expected to fail. Another special case is referred to as â€Å"termination by murder† where the project ends suddenly due to political or accidental reasons. Termination by Integration. This is the most common and most complex method of dealing with successful projects. In this case, the output and resources of the project are distributed among the existing units of the parent organization. Termination by Starvation. This is termination of the project through budget decrements. There may be several reasons from perspective of senior management, political implications to obsolescence of the project output that may cause reduction in project budget. Procedure for closing a terminated project is similar to that of closing a successful project as it follows the same administrative closure procedure and contract closure procedure. Archibald (2003) suggest checklists as a preferred tool for terminating the project. Kerzner and Thamhain (1986) advocated listing of activities for contract administration, marketing and finance management to review process for project closing. Below is a sample check list proposed by Meredith and Mantel (1995) for terminating a project. Project closure refers to completion of all the activities across the project. This involves the procedures for verifying and documenting the project deliverables. The