Final answer:
The product delivery and resource reassignment happen in the Closing stage of the project life cycle, where finalization and evaluation are conducted.
Step-by-step explanation:
In the Closing stage of the project life cycle, the product is delivered to the customer and resources are reassigned. This phase is essential for wrapping up the project, ensuring all aspects of the project are complete, and formally closing it. During the Closing phase, such activities as delivering the final product, reassigning project team members, completing documentation, and conducting post-project reviews take place. It's a critical step for learning and developing best practices for future projects.