What is meant by 'lessons learned' in project management?

'Lessons learned' in project management refers to an evaluation of both positive and negative experiences during the project. This encompasses not just what went wrong, but also what went right, providing a comprehensive overview of the project’s outcomes. By analyzing both successes and failures, project teams can identify best practices and areas for improvement. This reflectiveness is crucial for enhancing future projects, as it allows teams to avoid repeating mistakes and to replicate successful strategies.

The concept is fundamental in fostering an environment of continuous improvement within project management. By documenting and sharing these lessons, organizations can build a repository of knowledge that can be referenced in future projects, ultimately leading to better planning, execution, and outcomes.

Other options do not accurately capture the full scope of 'lessons learned.' For instance, focusing solely on team bonding, project failures, or budget creation does not encompass the broader evaluation that includes both successes and failures. This holistic approach is integral to effective project management.