The team (or people in the team) who went through the project and know the mistakes made, error, etc. [Ref: PMBOK 2000 page 16] Project Stakeholders are individuals and organizations, who are actively involved in the project or whose interests may be positively or negatively affected by the result of the project execution. Key Stakeholders include: Project Manager, Customer, Performing Organization, Project Team Members and Sponsor. Since the stakeholders' interest is affected (positively or negatively), they are best candidates for capturing the lessons learned. And please note that the project team is the subset of Project Stakeholders. [I elaborate it here....] The sponsor and management are in the best position to judge the success of the project, and they probably can provide the most important input to the lessons learned documents. Specifically, you need to find out if they were adequately informed of project issues, what issues they considered to be important, and if they felt you had the project under control (if not, why not), and if they feel their business needs were addressed by the project. The lessons learned meeting also provides an excellent opportunity to get feedback from your superiors outside of the formal review process. You should have a lessons learned meeting with them, and invite any senior team members that you might be grooming for management. You should have a separate meeting with the team members to find if they were adequately supported in their efforts to execute the project, and what their perceptions on the execution of the project were. This is the meeting where you find out how effective you were as a leader. As their leader and manager, it's your job to give the team members what they need to perform well, whether it is clear direction, needed resources, motivation, or a KITA. Also, as you indicate in your question, the team has the most information about the project execution, and they know about many issues of which (hopefully) everyone outside the project is ignorant. But by the same token, many team members are completely oblivious to the business needs of their employers, or to the entire concept of fitness of use for the client. You should have yet another meeting with the client to ensure that the end product was what they expected. They don't necessarily need to get everything they wanted, but there should be no surprises come the delivery date. Lessons learned should be gathered from all of these sources, i.e. all of the stakeholders. If you include only the team members you are limiting the utility of the lessons learned documents. [It's not yet over...] For the purposes of passing the PMP Exam, look at the first mention of Lessons Learned in the PMBOK, page 49. Lessons Learned become part of the historical database for the present project and other projects of the performing organization. The organization that does the work of the project should perform the lessons learned. The project work is accomplished by the 'team', therefore the team does the lessons learned so they can improve what they do for the next phase of the project or for the next project. So the answer should be B.