Maintaining a repository of lessons learned is a valuable tool when assessing the viability or advisability of a newly identified business initiative. Consequently being able to make an informed decision to proceed will provide a higher level of confidence that the outcomes and benefits identified as a result of implementing the initiative will be realised. With historic data available the ability to assess risk and put in place appropriate mitigation strategies can only improve.
This repository must be actively built and maintained with relevant information. A business should develop processes that not only determine the type of information they wish to capture, including key criteria they wish to use in reaching decisions and also ensure that these processes are correctly executed.
With good knowledge of what has occurred in the past the ability to extrapolate and forecast future outcomes can only improve to the betterment of the business.