Earned Value Management Project Closure Performance

The earned value refers to the accomplishment of physical, financial units from the project activities. The difference between the earned value and the planned value reflects the progress made in the project concerning the project schedule. Consequently, the project activities are on track since the schedule variance is positive, which signifies the project activities as scheduled.

The cost value of the project is a negative figure which signifies that with the progress made, the project performance is already over the budget. This could present some challenges, such as exceeding the planned budget and may require the stakeholders to spend more money to complete the project. It may also mean that the project may go overboard the projected baseline cost and affect its profitability.

The cost performance index is 0.92, reflecting a good but not excellent project target. However, this challenge can be remedied through interventions in the project activities and resource planning to lower the expenditure redundancies where some resources are available internally.

The closure of the project will involve the assurance that all the work has been completed. To ensure all the tasks were completed accordingly, a checklist of the deliverables will be created and checked to ensure that all the project requirements stipulated in the project scope document were accomplished accordingly. To determine that the deliverables meet the required standards, the stakeholder will be invited to offer their honest opinions. If the project meets these requirements, it will be approved, and they are not met (Project Management Institute, 2021). The stakeholders will then be invited to sign off and approve the accomplished project objectives. This will involve addressing all the outstanding payments, such as clearing all the project financial obligations and contracts and agreements with contractors and vendors.

After signing all the legally binding documents, they will be organized and archived for reference in the future. Any feedback that may affect future projects or the project’s lifespan is presented to the project sponsor. This is essential to make sure that some of the challenges encountered in the project are not repeated in the future. Once the archiving of the documents is completed, releasing the project resources will be organized (Project Management Institute, 2021). Transition support among the project managers and select stakeholders will be appointed. The stakeholders will be invited to and let loose. These involve both the internal and external stakeholders, such as contractors. Some of the resources might be reassigned if necessary for the project’s life cycle. However, those who will not be needed after that will be released.

The project team involved will hand over the project to the project sponsors and then celebrate its success. the project sponsor will be invited to give a speech and articulate their view on the completion of the project (Project Management Institute, 2021). Different teams will be rewarded for their participation and commitment to completing the project. Appreciation of other stakeholders, such as contractors, will be shown to contribute to the project’s success. The project sponsor will then announce the official closure project and dismiss all the participants.