Closeout is the final phase of the project lifecycle. It involves conclusion of all activities for a project and formally establishes the project as complete by obtaining acceptance of all project deliverables from the project sponsor. The finished product is transferred to the customer who is responsible for its operations and maintenance.

The Project Manager collaborates with the project team to document lessons learned and archive all project documentation to be used for organizational improvement. 

For gold band projects, the Executive Sponsor must provide a final closeout report to the Executive Committee where the CIO will formally approve the project closure.