Sample Solution

Project controlling typically occurs during the close of a project. It is important that all stakeholders review and make sure the project correctly achieved its objectives in order to ensure customer satisfaction. The Project Manager typically leads this process, with assistance from additional members on the team (such as project sponsors, senior management, etc.). Involved stakeholders may include both internal personnel such as employees and external entities such as vendors or clients (Kappelman & Williges, 2018). This includes reviewing deliverables for accuracy; resolving any outstanding issues still present; ensuring technical documentation is complete and up-to-date; verifying expenditures are within budget constraints; making certain contractual obligations have been fulfilled by all parties involved in the project; collecting feedback from key customers to measure customer satisfaction levels; and overall examining if project goals have been met according to plan (Gulati & Gupta, 2019).

Not having sufficient controls during a projects closure can lead to significant risk for an organization. Risks could include lack of customer satisfaction due to inadequate quality control measures or not meeting contractual obligations resulting in potential legal action. Costs incurred could be related to possible penalties due missed deadlines or rework costs resulting from subpar performance standards. For example, while working at XYZ Corp., I experienced first-hand how overlooking some important details during closeout procedures resulted in costly delays that caused us to miss our deadline and incur large penalties which depleted our budgeted profits immensely (Martin et al., 2017).