In a Compensation & Performance Management class an individual is asked to present the topic of Pay for Performance $($PFP or P$4$P$).$Overall, the presentation aims to summarize the facts of the issue, the key problems, solutions to the problems and recommendations for implementation.

$-$Please answer the following questions thoroughly and to the point and provide some examples to justify the individual$$s way of thinking.

$1)$ What is Pay for Performance? what is it all about? and how did it start?

$2)$ What is The PFP Philosophy?

$3)$ What are P$4$P Key Principles?

$4)$ What are some of PFP Compensation Models?

$5)$ What are some the advantages of P$4$P$?$

$6)$ What are some of the Disadvantages of P$4$P$?$