The Project created some benefits, but (with low confidence) I don’t think the costs were worth it.
I think it’s worth separating the outcome with the expected value at the time the project was begun.
It can still have been a +EV decision to have done it based on the information you had at the time.
i.e. it can’t be evaluated as not being worth it because it didn’t turn out to be worth it, it can have been worth doing because the expected value at the time made it worth it, even if it ended up not being net-positive.
I think it’s worth separating the outcome with the expected value at the time the project was begun.
It can still have been a +EV decision to have done it based on the information you had at the time.
i.e. it can’t be evaluated as not being worth it because it didn’t turn out to be worth it, it can have been worth doing because the expected value at the time made it worth it, even if it ended up not being net-positive.