A project closeout report is a final document to identify project performance, project cost, and variations from the initial plan. This report is in the form of a summary at the end of the project and it contains all the details of whether the project was successful or not and what was achieved. Closeout report describes the different situations and why it is important and such situations exist and give the complete comparison of the initial and actual cost, schedule and resources, etc.
This report encourages you to evaluate the success of your project and identify the lessons that you learned. The report gives a complete picture of the successes and failures of a project.
The report ensures that all project documents and samples are properly preserved for future use or reference and indicates the presence of all necessary approvals and signatures.