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Closing a project involves processes such as formally terminating all tasks and activities of a project and handing off final project deliverables. When complete, closing a project ensures all processes are concluded and formally establishes that the project is finished.
Closing a Cancelled Project
In many instances, projects need to be closed or cancelled prior to formal completion. Failing projects that are left to drag on and linger for some time often wind up consuming valuable resources (i.e. people, technology, money, time).