Abbott Project Management Playbook

Project Closure includes those processes undertaken to formally complete the project or phase. This process verifies that all the deliverables have been completed and the required documentation to maintain, operate, and sustain the facility/system/hardware/deliverable(s) has been turned over in a satisfactory fashion.

Elements/Process/Details: The process steps required to properly close a project include: • Conditional Acceptance* • Submission of Engineering Turnover Documentation* • Project Close Gate Review (for projects $2.5MM and over) • Final Acceptance* • Project Completion Notice • Capitalize Project • 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

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