11.7. Key Terms
Key Terms
- Close-Out Meeting: is an opportunity to end a project the way you started it—by getting the team together. During this important event, the team should review what went well, and what didn’t go well, and identify areas for improvement.
- Close-Out Report: provides a final summary of the project performance.
- Contract Closure: Concerned with completing and settling the terms of the contracts let for the project. It supports the project completion process because the contract closure process determines if the work described in the contracts was completed accurately and satisfactorily.
- Project Closure: is traditionally considered the final phase of a project.
- Punch List: List of issues/items that require immediate attention; and building a small schedule to complete the remaining work.
- Purposes of The Contract: The closure process is to provide formal notice to the seller, usually in written form, that the deliverables are acceptable and satisfactory or have been rejected.
