The closing process is a process group that refers to those processes that have been conducted to formally terminate and conclude all tasks, activities, and component parts of a particular project, or phase of a project. The final step of the closing process will then typically involve either the transfer, acceptance, and approval of the final deliverables to the assigning party, or, in the event the activity did not end up taking place, initiating and completing the cancellation process. It is essential to fully complete the closing process at the conclusion of a project, and there are multiple reasons for doing so. First, it assures that, from a financial standpoint, a project is considered closed and that no further charges can be accrued by or attributed to that project. Secondly, it makes it clear to the employer that the project has ended, allowing them to reassign staff and faculty who were previously assigned to that project to another task or activity.
This term is defined in the 3rd and the 4th edition of the PMBOK.