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What Is the Purpose of a Performance Appraisal System? Explain

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Essay

What is the purpose of a performance appraisal system? Explain how a good system works and how management uses the information obtained through this system.


Definitions:

Lump Sum Payment

A large single payment made at a particular time, especially in the context of paying off a loan or settling a deal.

Leisure

Free time available to an individual after all work or economic activities have been completed, often used for rest, recreation, or other personal activities.

Utility Function

A mathematical representation of how consumer preferences over bundles of goods or services translate into levels of satisfaction or utility.

Leisure

Time free from the demands of work or duty, where individuals may choose to engage in activities for relaxation, enjoyment, or other personal satisfaction.

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