What happens to a project when its status changes to TECO?

When a project's status changes to TECO, which stands for "Technical Completion," it indicates that the project has reached a point where it is considered complete from a technical standpoint. At this stage, all changes to the project's scope and financials are typically frozen, meaning that no further charges, expenses, or other modifications can be made to the project budget. This ensures that the project can be finalized accurately without any additional financial transactions that may complicate the closure of the project.

The significance of this status is crucial for project management, as it helps maintain the integrity of project data and ensures that all costs attributed to the project reflect the actual expenses incurred prior to reaching this status. It marks a clear boundary where project activities are officially concluded, requiring all necessary reviews and approvals to have taken place before TECO is declared.