Closing: formal acceptance, transition to operations, contract closure, releasing resources, lessons learned and archiving

Closing formally ends a project or a phase. It happens when all the work is done and accepted, but also when a project is cancelled or terminated early. In both cases an orderly close protects the organization: it records what was achieved, frees people and money for other work, and preserves knowledge for future projects. Skipping closure leaves loose ends such as open contracts, unpaid or disputed invoices, unused licenses, active accounts nobody owns and unanswered questions about who supports the new system.