The Project Closing Process Group contains activities required to conclude the project. Closing is mainly relevant for completed projects but will also apply to projects that are terminated early.
For the PMP® exam, the Closing Process Group contains 7% or 14 questions which is the smallest of any of the five process groups. However, if you fail this process group you will fail the exam. Answers to PMP® questions in this process group include activities to formally close the project after the main project tasks are finished and deliverables are complete.
There are two sections of content for the PMP® Exam:
Integration Management. Section 4.6 Close Project or Phase. This includes getting customer acceptance, the completion of a lessons learned document, releasing the project team, and archiving project documentation.
Procurement Management. Section 12.4 Close Procurements. This may include some items from above but also requires the closure of agreements and legal documents. It is important that financial payments are complete and any outstanding items such as invoices have been processed and open purchase orders are closed. If there are any disputes regarding the contract such as final payments then the project manager must resolve them and the preferred method is alternative dispute resolution (ADR) since litigation is the most time consuming and expensive option. At the end of the project, a procurement audit might be requested. This identifies adherence to procurement processes and may result in recommendations for future procurement contracts in the performing organization.
In order to complete administrative closure for a project, the project manager must::
a) update the records management plan
b) satisfy all exit criteria, transfer all deliverables, and collect and store all project documents
c) transfer deliverables, transfer project resources, and update the lessons learned
d) review the scope baseline
The answer is b). See PMBOK® 5th ed. page 101, section 4.6.
Process group: CLOSING
Knowledge area: INTEGRATION