Describe the Philosophy Behind the Multisource/360° Feedback Appraisal and How

question 23

Essay

Describe the philosophy behind the multisource/360° feedback appraisal and how it is used. Also identify some of its drawbacks.

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Definitions:

Normal Good

A good for which demand increases as the income of consumers increases, and falls when consumer income decreases.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Income Elasticity

A measure that quantifies the responsiveness of the demand for a good or service to a change in income of the people demanding the good.

Consumer Income

Consumer income is the total earnings of an individual from all sources, influencing their spending and saving behaviors.