Define Performance Evaluations, and Describe How They Are Used and What

question 4

Essay

Define performance evaluations, and describe how they are used and what makes them most effective. Differentiate between subjective and objective measures, including the benefits and limitations of each, especially the halo error, and ways to improve them.

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Definitions:

Centrally Planned Economies

Economic systems where all production, investment, prices, and incomes are determined by the government or a central authority.

Invisible Hand

A metaphor introduced by Adam Smith to describe how individuals' pursuit of self-interest can lead to societal benefits through the efficient allocation of resources.

Public Interests

The concerns, values, or benefits that are regarded as important by the general public and are taken into account in social or political decision-making.

Competition

The rivalry among businesses to sell their goods and services to consumers, which can drive innovation and keep prices low.