Nobody liked your project idea, so we are not going to give you any funding. The first version is a weaker statement, emphasizing facts not directly relevant to its point. The second version provides the information in a simple and direct manner. But you don’t need to be an expert on style to know that the first phrasing is diplomatic and respectful (even though it’s less concise) as compared with the second version, which is unnecessarily harsh and likely to provoke a negative reaction.
Business writing should be clear and concise. Take care, however, that your document does not turn out as an endless series of short, choppy sentences. Keep in mind also that “concise” does not have to mean “blunt”—you still need to think about your tone and the audience for whom you are writing. Consider the following examples: After carefully reviewing this proposal, we have decided to prioritize other projects this quarter.