Quarterly feedback cycle refers to the quarterly frequency of the review sessions with the employee. While the 2nd and 4th sessions are, in fact, mid-term and annual appraisal sessions respectively, the 1st and 3rd sessions are stand-alone quarterly sessions. This is not to say that they are mere formalities. They are important links in maintaining a chain of continuous feedback system. Since the goals themselves are broken down into quarterly milestones, it is important to have assessment and feedback at those very points as well. Besides having feedback mechanism at these critical points, quarterly feedback also helps in maintaining a continuum which reinforces the sense of purpose and motivation in the employee. They act as regular check-points which push the employee to monitor his or her own progress and take steps to prevent veering from the set course. They are also essential to create buy-in about the Performance Management System in the employee community. This frequent assessment concentrates the thrust of the entire system towards successful execution and eventually performance excellence.