What does the term "Closeout" in Procore refer to?

The term "Closeout" in Procore specifically refers to the finalization and completion of a project. This phase is crucial in project management as it involves a series of steps to ensure that all aspects of the project are completed, documented, and handed over appropriately. The closeout process typically includes delivering all project documentation, ensuring that all financial matters have been settled, and conducting final inspections. This not only signifies the official conclusion of the project but also helps in evaluating the project's success and gathering lessons learned for future endeavors.

The other options do not align with the concept of "Closeout." Initiating a new project phase refers to the start of a new section of a project, while establishing project budgets pertains to financial planning rather than concluding the project. Conducting project meetings is a regular activity throughout the project lifecycle, not specifically tied to the finalization of a project. Thus, option C captures the essence of what "Closeout" signifies in the context of project management within Procore.