Retrospective is a meeting held by a project team at the end of a project or process (often after an iteration) to discuss what was successful about the project or time period covered by that retrospective, what could be improved, and how to incorporate the successes and improvements in future iterations or projects.

From a Wikipedia article on Retrospective/Software development

The term is also used in software engineering, where a retrospective is a meeting held by a project team at the end of a project or process (often after an iteration) to discuss what was successful about the project or time period covered by that retrospective, what could be improved, and how to incorporate the successes and improvements in future iterations or projects.

In agile development retrospectives play a very important role in iterative and incremental development. At the end of every iteration a retrospective is held to look for ways to improve the process for the next iteration.

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