Project Closing for an Artisan Project
Instructions
Project Closing
In Unit VIII, you are required to complete the Project Closeout section of your project plan. Refer to your unit lesson and required unit resources to advance your project plan. For this unit, create the section listed below.
Project Closeout: All necessary project closeout documentation should be included. Work completed or soon to be-completed must be identified, along with any configuration management changes.
8.1 Close Cost Accounts: Discuss completing and closing all project cost accounts and other financial closeouts.
8.2 Lessons Learned: Complete a Lessons Learned assessment that identifies key concepts learned and suggestions for future projects. What is your plan for retention of this information?
The Project Closeout section should be a minimum of two pages in length. You will need to add the Project Closeout section to your previous work from Units II–VII and submit a cohesive, complete, polished document for your final project plan. You will submit only one document; you do not have to submit the Project Closeout section separately. Be sure that you have incorporated modifications based on your professor’s feedback throughout Units II–VII.
This assignment should be a minimum of two pages in length, not counting the title page and reference page. Be sure to use proper APA formatting. Citations are not required; however, if outside sources are used, make certain to provide in-text citations and references in APA format.
Project Closing
Name
Department, Institution Affiliation
Course Code; Course Name
Instructor's Name
Date
Project Closing
8. Project Closeout
Project closing is the final stage of a project. It should be successfully conducted to determine whether it achieves the project's key objective. For instance, the closure of the Artisan Cafe project should consider the achievement of the key goals such as increased online penetration and higher sales within two months. Besides, the project closure should also be focused on the accounts. From the budgeting section, there were significant cost estimations. The project closure combined the actual cost and ensured that any miscellaneous aspects were adequately addressed. During the closure of the Artisan project, a key element that must also be addressed is the market size. There is a need to compare the initial market size before and after the project. The approach will effectively determine the project's success based on the increase in the project size. Therefore, it is easy to determine strategies for future projects with all the identified closure elements.
8.1 Close Cost Accounts
Table 1: Close entry
Date
Account Name
Debit $
Credit $
27th April
Cost of sales
200,000
$34,000
Depreciation
$10,000
Marketing expense
$ 86,000
Salaries
$ 50,000
Project Management
$20,000
Based on the provided data, it is evident that the initial budget of $ 200,000 was suc...
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