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The analysis of lessons learned during a project is most effectively conducted during the post mortem analysis phase. This phase, also known as the project closeout or retrospective phase, focuses on reflecting on the entire project to evaluate what went well, what didn't, and what could be improved for future projects.

During post mortem analysis, teams gather to discuss their experiences, identify key issues, and document important insights that can benefit future projects. This process helps in refining practices, enhancing team performance, and ensuring that valuable knowledge is retained and shared across the organization.

In contrast, milestones reporting primarily focuses on tracking progress against predetermined goals and timelines, while document archiving pertains to the organization and storage of project records for future reference. Project champion updates often involve communicating with key stakeholders about the project's status rather than an in-depth analysis of lessons learned. Thus, the post mortem analysis is distinctly the most appropriate phase for reflecting on and analyzing lessons learned from the project.