Sri Lanka's failure to qualify for the semi-finals gave rise to fierce criticism in the local media, with several commentators pointing the finger at team selection.
Sri Lanka, considered one of the pre-tournament favourites after a string of one-day victories, were knocked out of the competition after a 78-run defeat against South Africa.
"Losing to South Africa was a huge disappointment for us and I can understand the frustration of the supporters," Jayawardene told reporters.
"Like the fans, we also had high expectations after our recent successes during the past few months."
Jayawardene said Sri Lanka made too many mistakes and that their batting let them down badly, adding that it was impossible to win against top-level teams when making so many errors.
"There is no point in searching for excuses. It was our fault that we lost and we have to accept that. As individuals within a team, we have to put our hands up and take responsibility for our own actions."
Some critics have argued that Sri Lanka erred by not playing leg spinner Malinga Bandara as a second specialist spinner, while others condemned the decision to bowl first at Ahmedabad.
"Malinga is definitely the No. 2 spinner in Sri Lanka but was unlucky that the heavy dew at night prevented us from playing three spinners, a tactic we often use in Asia," he added.
"We toyed with playing him against New Zealand in Mumbai, which had less of a dew problem, but in Ahmedabad it was too risky to go into the match with only three fast bowlers in case we lost the toss."
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While Murali and Sanath Jayawasuriya had struggled for control with the wet ball, Malinga would have found it even tougher as a wrist spinner, Jayawardene said.
"We also thought about playing seven batsmen as an option, but that would have also forced us into playing just three pace bowers, a big risk if we lost the toss.
"We had to make difficult decisions based on the resources at our disposal and the likely conditions at each venue -- I have no regrets about the decisions we made."
The make-up of Sri Lanka's bowling attack was not the issue, he said, but rather the top order batting against South Africa's new ball bowlers.
"We also knew it would be tough for about 10-15 overs but would then become much easier for the batters. But we lost too many wickets too early."
Sri Lanka's cricketers will play domestic cricket for three weeks before departing for New Zealand at the end of the month.
"We are now looking heading to New Zealand and looking forward to the challenge of playing in their conditions," said Jayawardene.
"The team has been improving fast in the past 12 months and I'm confident that this will continue despite the setback in the Champions Trophy."
