a formal discussion held once a year between an employer and each employee, during which they discuss topics such as the employee's work over the last year and what the employee hopes to achieve in the coming year. The term can also be used to refer to a review of the success of a company, organisation, or other institution.
Virtually every manager and employee dreads the annual performance review.
a formal review as to the progress or success of a project or other plan
PERFORMANCE REVIEW: The Cities are required to periodically review ACI's performance in obtaining job creation goals.