Performance appraisal and performance management are different but related processes. Performance appraisal is an annual evaluation of an employee's past performance, while performance management is a continuous process for planning, monitoring, and evaluating employee performance and development. Performance appraisal focuses on quantitative metrics and individual performance, while performance management takes a holistic view with a focus on qualitative aspects and continuous feedback to encourage employee growth. Performance appraisal is conducted by HR and looks backward, whereas performance management involves managers and takes a forward-looking approach.