What is meant by the term 'lessons learned'?

The term 'lessons learned' refers to a retrospective evaluation of previous experiences, focusing on the insights gained from both successful and unsuccessful aspects of a project or initiative. This process involves gathering information on what worked well and what did not, allowing teams to understand the causes of outcomes and make informed decisions for future projects.

By analyzing past experiences, organizations can capture valuable knowledge that can be applied to improve practices, avoid repeating mistakes, and enhance overall project performance. This ongoing learning process supports continuous improvement within teams and organizations, fostering a culture of growth and development.

The other options do pertain to project management and organizational practices, but they do not accurately define 'lessons learned.' Budget estimation, forecasting timelines, and stakeholder engagement are all important concepts within project management but do not capture the essence of reflecting on past experiences to derive actionable insights.