Increasing the memory allocated to a Lambda function proportionally allocates more CPU power and can reduce the execution time for memory or compute-intensive operations. This approach addresses the need for consistent performance and completion of the operation within the specified timeout. Setting a concurrency limit could introduce throttling issues and is not directly related to resource allocation for a single execution. Setting a longer timeout without adjusting resources does not address the need for performance consistency and might not prevent timeouts for memory-intensive tasks. Adding layers does not inherently optimize the function's performance; they are used to manage code dependencies.