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360 degree is a way to know what everyone think of a certen employee ( performance - behavior - skills - attitude etc. ) as a survey horizontal and vertical. and that alone is not a preformance appraisal
you add the results of the360 degree with the performance appraisal then now you get more accurate results about the employee.
some organization don't do this for its time and effort but i'd recommend it for those who seek to be on the top and push their organization further forward