Abbott Project Management Playbook

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Project Close

*Steps specific to Corporate Engineering project closure process

Here are some important definitions to know:

• The Conditional Acceptance date represents the stage when the project or designated portion thereof, is sufficiently complete in accordance with the Contract Documents’ intent, so the Owner can occupy or utilize the facility or asset for its intended use. • The Engineering Turnover Project Deliverables represent the minimum requirements for documentation related to operation, maintenance, and sustainability of assets. • The Project Final Acceptance document captures the concurrence of the customer, sponsor, and other stakeholders that the project, or portion thereof for phased projects, is complete. • The Project Completion Notice form is completed and signed by the PE/PM and submitted to Project Finance for acceptance (PCN Acceptance is tied to RCE Forecasted Completion Date (FCD)). This triggers the depreciation of assets not already transferred to fixed assets.

Deliverables/Output/Next Steps:

10.1 P ROJECT C LOSE G ATE – G OVERNANCE R EQUIREMENTS This gate obtains the client agreement that the project is complete with beneficial use and is ready for Financial Closeout.

• Project Close Gate timing and Definition of Success to be identified as an FEP deliverable

• Governance requirements apply to projects $2.5 MM and over

Project “Complete” means:

• All commitments have been made and all work is done • All confirmations have been processed (material) • All invoices have been accepted (service)

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