Closing project activities

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School

Trine University *

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AUDITING

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Management

Date

Nov 24, 2024

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docx

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Uploaded by MasterScience9621

Closing Project Activities: Fundraising Run Introduction Closing a project is a crucial aspect of project management as it marks the end of a project's journey. It is the final stage where all the tasks, deliverables, and objectives are completed and the project is handed over to the client or stakeholders. The closure of a project includes ensuring that all project goals are met, stakeholders are satisfied, and lessons learned are captured for future projects. In this essay, we will discuss the comprehensive guide on how to effectively close a project, with a focus on a fundraising run project as an example. Project Overview The fundraising run project aimed to raise funds for a local charity organization that provides education and healthcare services to underprivileged children. The project team comprised of 10 members, including a project manager, event coordinator, marketing manager, and resource coordinator. The project had a duration of six months, starting from January to June, with a budget of $50,000. The fundraising run was planned to take place in April as the peak running season in the area, and was expected to attract a participation of 500 runners. Project Accomplishments and Results The fundraising run project was a success, with a total of $60,000 raised for the charity organization, surpassing the initial target of $50,000. The project deliverables, including marketing materials, event coordination, and fundraising run itself, were completed within the scheduled timeline. The following table summarizes the project accomplishments and results. Project Accomplishments and Results

Project Accomplishments and Results Details Total Funds Raised $60,000 Target Funds $50,000 Number of Participants 550 Project Duration 6 months Target Date April . Actual Date April Project Deliverables Completed Project Budget $50,000 Actual Expenses $47,500 Budget Performance Under Budget (5% savings) Schedule and Budget Performance The schedule and budget performance are vital aspects to consider in project closure. It is essential to assess whether the project was completed within the scheduled timeline and budget. The fundraising run project was completed within the scheduled timeline of six months, with the actual event taking place in April, as planned. The project was also completed under budget, with a savings of 5%, which will be returned to the charity organization. The following table summarizes the schedule and budget performance. Schedule and Budget Performance Schedule and Budget Performance Details Project Duration 6 months Target Date April Actual Date April Project Budget $50,000 Actual Expenses $47,500 Budget Performance Under Budget (5% savings) Schedule Performance On Time Lessons Learned

One of the most crucial aspects of project closure is capturing lessons learned. It provides an opportunity to reflect on what went well and what can be improved in future projects. In the case of the fundraising run project, the following are some of the key lessons learned: 1. Effective communication is critical in project success. The project team utilized various communication channels, including team meetings, emails, and project management software, to ensure smooth coordination and timely decision-making. 2. Proper budget management is essential to avoid overspending. The project team regularly reviewed the budget and made necessary adjustments to ensure the project remained within the allocated budget. 3. Involving stakeholders in the project and keeping them informed is beneficial. The participation of the charity organization and their feedback throughout the project significantly contributed to its success. 4. Teamwork and collaboration are crucial in achieving project goals. The project team worked together and supported each other, leading to the successful completion of deliverables. 5. Flexibility and adaptability are critical in dealing with unexpected challenges. The project team faced unforeseen issues such as changes in weather, but they found alternative solutions and adjusted accordingly. Future Recommendations Based on the lessons learned from the fundraising run project, below are some recommendations for future projects:

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1. Include a risk management plan in project planning to anticipate and address potential challenges. 2. Consider involving a wider range of stakeholders in project planning to ensure their needs and expectations are met. 3. Conduct regular budget and timeline reviews to ensure the project remains on track. 4. Utilize project management software to improve team communication, task management, and overall project efficiency. 5. Develop a contingency plan for potential issues that may arise during the project. Conclusion In conclusion, closing a project is a crucial part of project management, and it requires careful planning and execution to ensure all project goals are met, stakeholders are satisfied, and lessons learned are captured for future projects. The project team plays a significant role in the success of project closure, and effective communication, budget management, and teamwork are essential factors to consider. By following the guidelines discussed in this essay, project closure can be effectively managed, leading to successful project completion.

Closing project activities

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