Explain the Various Purposes of Performance Appraisal

question 22

Essay

Explain the various purposes of performance appraisal.

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning one person's consumption does not reduce availability for others and cannot exclude others from using them.

Private Consumption

Expenditure by households on goods and services, excluding purchases of dwellings, which is a key component in the calculation of a country's Gross Domestic Product (GDP).

Pareto Efficient

An economic condition wherein resources are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.

Public Good

A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.