Formally closing a project is important to determine how successful the project delivery has been against initial expectations and is a valuable source of lessons learned. It also provides an opportunity to tidy up, to make sure that everything that needs to be done has been, and that nothing has been overlooked. Projects are usually closed:
The formal process of closing a project is usually done a few weeks after the project has finished at Review 4 (known in Prince2 as the Project Evaluation Review). A major consideration of closing the project should be the communication of successes and recognition for those involved in the delivery.
The first step in the closure of the project is to conduct a Hand Over Meeting.