What is the purpose of conducting a project performance review?

Conducting a project performance review primarily aims to determine areas for improvement. This review process involves evaluating various aspects of a project, including execution, outcomes, and processes. By analyzing performance against benchmarks and objectives, teams can identify strengths to leverage and weaknesses that need addressing. Such insight is crucial for optimizing project management practices in future endeavors, leading to enhanced efficiency and effectiveness.

While finalizing project costs or allocating budgets may be part of a project's financial assessment, these activities are not the main focus of a performance review. Similarly, assessing compliance with regulatory standards is important but typically falls under governance and compliance checks rather than a comprehensive performance evaluation. Focusing on improvement aligns the review with best practices in project management, ensuring that lessons learned can contribute to continuous development and success in future projects.