Final answer:
An informal information exchange session intended to improve team performance is known as a feedback session, which is part of the ongoing training and development process in organizations, setting it apart from more formal performance evaluations.
Step-by-step explanation:
An informal information exchange session designed to improve team performance and effectiveness through lessons learned and reinforcement of positive behaviors is most closely related to a feedback session. These sessions aim to provide an environment where team members can reflect on past actions, discuss outcomes, and collaborate on strategies for improvement and encouragement. The concept aligns with findings from a 2003 study by Arthur, Bennett, Edens, and Bell, which emphasized that training within organizations can significantly influence learning outcomes, behavior, and overall results such as productivity and profits. Feedback sessions are part of this ongoing training and development process, as they can directly influence an employee's or a team's performance and contribute to their competency expansion. These sessions differ from performance evaluations, which are typically more formalized and documented, often involving a face-to-face meeting to discuss performance and job expectations more thoroughly.