Final answer:
A periodic assessment of a company's business processes is known as the Program Evaluation Phase, which includes development of lessons learned and performance appraisals to enhance future strategies and operations.
Step-by-step explanation:
The term for a periodic assessment of a company's own planning, organizing, leading, and controlling processes is a Program Evaluation Phase. This critical review process is part of the larger cycle of business management and improvement activities that companies undertake to ensure that their operations align with overall goals and objectives. Not only does this phase involve evaluating the outcomes and efficiency of different business functions, but it also necessitates the development of lessons learned to inform future strategy and decision-making. Performance appraisals are one of the tools often used during such evaluations, and they contribute to the documentation and assessment of an individual employee's contribution to the company.