Explanation:

- The phrase describes the examination or observation of one's own mental and emotional processes.

- Option 1: Assessment - Generally refers to evaluating or estimating the nature, ability, or quality of something. Not specifically about observing one's own mental state.

- Option 2: Introspection - This is the correct term that means examining one's own thoughts and feelings.

- Option 3: Inspection - Usually means a close examination or review, but not specifically related to one's own mental and emotional processes.

- Option 4: Valuation - Refers to determining the worth or value of something, not related to personal self-observation.