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As I understand an evaluation is the process. But what is the outcome?

Or is evaluation both, the process and the outcome?

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The result(s)? (What kind of evaluation are we talking about, anyway?) – RegDwigнt Nov 29 '12 at 13:58
If you evaluate someone you are performing an evaluation. The result of that is an evaluation. Ain't English grand? – Robusto Nov 29 '12 at 14:01
The outcome could also be the result of the evaluation. – J.R. Nov 29 '12 at 15:13
Evaluation can be used for the outcome as well as the process: The evaluation was positive. Also, there is a great deal of individual local practice in the use of such ad hoc terms in business, so it is best to consult an experienced local native speaker. – John Lawler Nov 29 '12 at 16:10
up vote -1 down vote accepted

Yes, it is used to refer to both the process and the outcome.

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Treating "the process" in your question as the thing that's being evaluated, I would answer as follows.

Evaluations can be formative or summative.
- A formative evaluation is done early in the process and can impact the later outcomes of the process.
- A summative evaluation is done at the end of the process to determine what the results of the process were. This sense of evaluation is sometimes used synonymously with output, the measurable results of an outcome.

Treating "the process" instead to mean "the act of evaluating," the answer to your question is:

An evaluation can be either the process of evaluating something...
      He was busy with the evaluation of his students.
...or it can be the result of this process.
      The student read the evaluation his teacher gave him.

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