Feedback is a process in which information about the past or the present influences the same phenomenon in the present or future. As part of a chain of cause-and-effect that forms a circuit or loop, the event is said to “feed back” into itself.
Ramaprasad (1983) defines feedback generally as “information about the gap between the actual level and the reference level of a system parameter which is used to alter the gap in some way”, emphasizing that the information by itself is not feedback unless translated into action.[1]
Feedback is also a synonym for:Feedback signal – the measurement of the actual level of the parameter of interest.Feedback mechanism – the action or means used to subsequently modify the gap.Feedback loop – the complete causal path that leads from the initial detection of the gap to the subsequent modification of the gap.[…] As an organization seeks to improve its performance, feedback helps it to make required adjustments. Feedback serves as motivation for many people in the work place. When one receives either negative or positive feedback, they decide how they will apply it to his or her job. Joseph Folkman says that to find the greatest level of success in an organization, working with other people, a person should learn how to accept any kind of feedback, analyze it in the most positive manner possible, and use it to further impact future decision making.[36]

Source: https://en.wikipedia.org/wiki/Feedback