Many implementations, of the objectives$-$based approach, use a calendar$-$year cycle. What is one of the biggest business challenges with the annual performance management calendar?

Cascading works too well, and it cause problems with P&L reports.

None of these is correct

It's not fast enough, and it can't keep up with pace of change in the business.

It goes too fast, and people aren't able to get their work done in time.