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This paper provides a conceptual understanding of University Lecturer Performance Evaluation (ULPE), which is an important function of managing Human Resources in higher education, especially in modern universities in an industrializing country. A ULPE should possess a wide range of utility. The paper describes six key issues of the ULPE and finally suggests an agenda for action and a scheme that may be useful for evaluating job perrformance of lecturers in Sri Lankan universities. Also the paper may be of value to those who are interested in understanding ULPE for research purposes.