Why is it important to assess project performance after completion?

Assessing project performance after completion is vital because it provides an opportunity to analyze both the successes and failures encountered during the project. This evaluation process is aimed at gathering insights that can inform future projects. By understanding what worked well and what did not, project teams can develop best practices, avoid repeating mistakes, and refine their strategies. This continuous learning cycle ultimately contributes to better project outcomes and more efficient use of resources in the future.

The other options suggest actions that may not directly relate to the broader goal of evaluation. Allocating more funds or changing project objectives may not reflect a constructive review of past performance and might be inappropriate responses to performance assessment. Shortening a project timeline post-completion does not relate to the learning aspect; rather, it focuses on adjustments that apply mainly to ongoing projects.