Project termination (or close-out) is the last stage of managing the project, and occurs after the implementation phase has ended. Acceptance testing has been carried out, and the project deliverables have been handed over to the client. The project team has been disbanded and unused resources have been disposed of as appropriate. All outstanding bills have been passed for payment, and the final invoices for work carried out have been issued. The main purpose of the close-out stage is to evaluate how well you performed, and to learn lessons for the future. A final project status report is prepared that should contain a summary of changes to the project scope (if any), and show how actual completion dates for project milestones and costs accrued compare with the final version of the project schedule and budget. All significant variances from the project baseline should be explained here. A review is then undertaken with the client and other project stakeholders, during which the project outcomes are evaluated against the project’s stated aims and objectives. The results of the review are recorded in a close-out report.
Types of Termination
Termination types are a commonly used tool for HR administrators to track the nature of historical terminations, e.g., in the event that a previously terminated employee reapplies to the same company.
There are two main termination types: Voluntary (Regretted or Non-Regretted) and Involuntary:
- Involuntary: the company elects to end the employment relationship; fired or laid off
- Voluntary (Regretted or Non-Regretted): employee elects to end employment; resignation
If Voluntary is selected you will be asked, Would you hire this employee again?
There is no legal requirement for reporting termination types, but some states have specific requirements for furnishing an employee’s final paycheck according to the type of termination.