D is the only thing pending. From the way question is worded, it seems signoff etc are already done.

The question asks what critical activity project manager should complete. The team has made final delivery to customer. Where is customer acceptance? For me "c" is best answer.

The answer to this would be Option D.

Whenever you answer a Question based on the Process Group. You should know the steps involved in that Process Group.Since this Question is related to the Closing Process Group:

So let's see the Steps involved in The Closing Process Group:

1: Formalize Final Acceptance.

2: Obtain Finacial, Legal and Administrative Closure.

3: Release Project Resources.

4: Communicate Lesson Learned.

5: Distribute Final Closure Report.

6: Archive Project Records, Historical Information and Documents.

7: Measure Customer Satisfaction.

Now let's Look at the Question and it's Answers:

Q: The Question has Four Parts:

1: Final Deliverable has been sent to the Customer and we don't know whether it's accepted or not and what's the current state. "But"

2: The Team is in the Process of Administrative and Contract Closure "and"

3: The Team has completed the Final Version of the Lesson Learned

4: What Critical Activity Left for the PM before Formally Closing.?

The Answer is in the Question itself, If you look closely at the first part of the Question, We don't know what happend to the final deliverable sent to the customer but in the  second part it described by itself that the team is completing the Administrative and Contract Closure which explains the First Part that the deliverable has been accepted by the customer and that's why the team move to the Administrative and Contract Closure, If the deliverable was not accepted or a Change Request is initiated by the Customer at least the Contract cannot be closed either internally or with externel Vendors if involved in the Project. Also the Third Part made it more clear that the Team completed the Final Version of Lesson Learned and I think Part 3 clear everything.

Now in Part 4 what's left. (We have to choose the answer for this in the Answer's Given. )

Answers:

A: All the requirements have been fullfilled that's why the team created the Final Version of Leasson Learned and are now completing the Administrative and Contract Closure.

B: If you are in the Closing Process, It means you have followed every process and even if the Project is terminated before getting the desired results, You don't care to follow the Executing or Montioring and Controlling Process. You can simply Bypass them and move direcct to the Closure Process Group.

C: If this has not been done, The Team Member's would wait for the Final Version of the Lesson Learned and not completing the Administrative and Contract Closure. This has been done and since the remaining resouces need to be released from the Project, That's why they are giving the final touches to the Project by Completing the Administrative Closure Procedure and Final Lesson Learned has already been completed, So Whats Left.

Correct D: The Project Manager is waiting to Index and Archive the Project Records and is waiting for the feedback from the Team Member to complete the Final Administrative and Contract Closure Procedure.

I hope I am able to answer the Question.

Kind Regards,

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