The complexity and duration of the project termination is determined by the size, complexity and scale of the project itself. One of the most important questions at the end of the project is reward for success and lessons learnt. The final processes contains are the following:

      • Close Project or Phase;

      • Close Procurement;

      Termination may also consist of:

      • Tests of the system developed (test protocol);

      • Acceptance procedure, transfer of working papers;

      • Personnel certification, lesson learning, experience sharing;

      • Financial calculation and analysis of actual expenses;

      • Liquidation of jobs and re-integration of staff.

      Project Management Body of Knowledge (PMBoK)

      Project Management Body of Knowledge describes ten areas of knowledge that a project manager should possess. The standard considers each area of knowledge separately, describes its input and output. Knowledge area processes are represented in PMBoK as discrete elements having well-defined boundaries. However, in practice, these processes are iterative – they can interact with each other and overlap each other. The standard addresses the following areas of project management knowledge:

      Project Integration Management

      Integration refers to the integration, consolidation, articulation, and various integrative actions aimed at successfully managing the stakeholders’ expectations and meeting certain requirements. Integration describes the distribution of project resources, finding compromises between conflicting goals and alternatives, and defines the integral links between other areas of knowledge.

      Project Scope Management

      Scope management refers to the processes that allow selecting, filtering, and grouping activities required for the project manager to complete the project successfully. Project scope management is directly related to the definition and control of the content to be included / not included in the project. It describes diagrams of the Collection of Requirements, the Definition of Project Scope, the Creation of a Work Breakdown Structure (WBS), a Content Confirmation and a Content Management. When developing WBS, the rule “8/80” (1 day – 2 working weeks) is used. The Work Breakdown Package WB should be developed for 8 – 80 hours. Each Work Package must be assigned to a specific department or employee.

      Project Time Management

      Project time management or project terms, (since time is a broader concept), refers to the processes to ensure timely project completion. The scheme of these processes includes: Definition of operations, Definition of operations sequence, Assessment of operational resources, Assessment of the duration of operations, Development of the schedule and Management of the schedule.

      Project Cost Management

      Project cost management refers to the processes of planning and budgeting, as well as cost management, which ensure the project completion within the estimated budget. The process flow chart includes: Cost Estimation, Budget Definitions, and Cost Management.

      Estimation is a foundation of planning. Considering the work packages, we estimate time, staff, and costs. Estimation is a certain value based on the experience of working with other projects. To increase the reliability of estimates, once can use the following Cost Estimate methods: Method of analogies, Expert assessment or Method of indicators.

      As mechanisms and techniques for estimating the calculation of the project cost Expert opinion, similar project, Parametric, Ballpark Estimate (Rough Order of Magnitude ROM), Top-down, Three-point Estimate or Button-up methods can be used.

      The most accurate method is Button-up, but it requires the Work Breakdown Structure.

      Figure: Division into groups of project management processes and areas of knowledge.

      Project Quality Management

      Project Quality Management refers to the processes and various actions by the executing organization, approaches and quality policies, goals, objectives and areas of responsibility. The project must meet its initial needs. The quality management is carried out via quality management system, providing a set of specific rules and procedures, including actions for continuous improvement. The best practice is carrying out these activities throughout the entire project. The quality management diagram includes: Quality Planning, Quality Assurance and Quality Control.

      Project Human Resource Management

      HR management within the organization includes approaches to the project team management and leadership. A project team means a pool of qualified workers with specific roles and responsibilities are defined for project implementation. During the project implementation the professional and quantitative composition of the project team may change. Proper distribution of project roles and responsibilities between project team members allows all team members to get involved in project planning and decision-making. If project team members are attracted in the early stages, their existing experience may be applicable at the planning stage of the project, and help strengthen the focus of the project team on achieving certain results. The scheme of HR management includes: Developing an HR management plan, recruiting a project team, developing a project team and managing a project team.

      Project Communications Management

      Communication management is used to ensure the timely formation, preparation, distribution, archiving, transmission, receipt, and use of project information. Being a link between the various stakeholders involved in a particular project, project managers spend most of the time on communicating with team members and other project stakeholders. Proper

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