Important Terms and Definitions - Closing the Project

Let us wrap up this section by covering the important terms we learnt.

• 360-degree survey - A form of feedback from all around the entity being evaluated.
• Close procurements - The process used to complete and settle each contract, which includes resolving any open item and closing each contract applicable to the project.
• Close project or phase - A process used to finalize all activities across all of the process groups to formally close the project or a phase of it. It’s also used to establish the procedures for administrative and contract closures.
• Procurement audit - A structured review of the procurement process with the purpose of identifying successes and failures from the planning through the executing stage of the project.
• Project/product transition - Handing over of the project output to the appropriate party.
• SOX compliance - Compliance with the Sarbanes-Oxley Act of 2002, also called the Public Company Accounting Reform and Investor Protection Act of 2002.
• Verify scope - The process of formally accepting the completed project deliverables.

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