The term “performance appraisal” refers to the regular review of an employee's job performance and overall contribution to a company. Also known as an annual review, employee appraisal, performance review or evaluation, a performance appraisal evaluates an employee's skills, achievements, and growth, or lack thereof.

Interim Appraisal – evaluations conducted as needed during the review period for communication purposes or to re-evaluate an employee's performance plan.

An appraisal is a formal opportunity to analyse your performance at work, which also offers you a chance to talk to your employer about your career plans. Appraisals are not required by law, but they can be useful for both you and your employer to review progress and discuss wider work issues.

An appraisal assists buyers and sellers in arriving at a fair and equitable sales price. An appraisal of physical property may also include an opinion of its age, remaining life, quality or authenticity.