What does the term "peer review" refer to in a business context?

The term "peer review" in a business context refers to a collaborative process where colleagues assess one another's work to enhance quality and performance. This approach is valuable because it promotes accountability, encourages feedback, and nurtures a culture of continuous improvement within teams or organizations.

During peer reviews, team members can provide constructive criticism, share insights, and suggest modifications based on their experiences and perspectives. This not only helps identify any weaknesses or errors but also allows for sharing best practices among employees, ultimately leading to higher quality outputs and more effective collaboration.

In contrast, hiring an external auditor focuses specifically on financial evaluations, management reviews generally involve oversight of company performance rather than collaborative work appraisal, and conducting market analysis usually involves gathering feedback from customers rather than evaluating peer contributions. These processes serve different purposes and are important in their own right, but they do not align with the collaborative nature of peer review.