What best describes peer assessment?

Peer assessment refers to the process where students evaluate and provide feedback on each other's work. This practice encourages collaboration among students and fosters a deeper understanding of the subject matter. By engaging in peer assessment, learners can gain new perspectives and insights that may not arise during traditional teacher-led evaluations. Such interaction also helps develop critical thinking and evaluative skills, as students must consider the criteria for assessment and articulate their feedback effectively.

In contrast, the other options do not encapsulate the essence of peer assessment. Teacher evaluations focus solely on the instructor's perspective, while self-critiquing limits feedback to one's own work, lacking the collaborative aspect. Additionally, formal assessments from an outside observer do not involve student engagement in the assessment process at all, which is a fundamental component of peer review.