What would happen in this phase?

The 'Close' phase is when the project is formally closed.

The project team look back over the course of the project and consider what went well (so that they can do that again next time) and what didn't go so well (so that they can avoid those things next time).

A Closure Report is produced.

Any open risks in the Risk Log are reviewed and either closed or allocated elsewhere (e.g. to a Programme or Business-As-Usual)

Any open issues in the Issues Log are reviewed and either closed or allocated elsewhere.