ECONOMICS

Detailed explanation-1: -Performance standards should be objective, measurable, realistic, and stated clearly in writing (or otherwise recorded). The standards should be written in terms of specific measurers that will be used to appraise performance.

Detailed explanation-2: -Why are performance standards important? Performance standards and important because they provide employees with a framework of how the company expects them to work. This allows for open communication between the employer and the employee, which can help the employee understand their responsibilities.