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Because without written objectives a review has nothing concrete to discuss. It becomes an assessment of how somebody seems, which is unfair and unarguable in both directions.
Objectives set for a person or team, with owners, measures and dates, visible to both sides throughout the period.
Objectives sit on the personnel record with dates and progress. They survive a change of manager, because they belong to the person rather than to the manager who set them.
Somebody changes team mid-year. Their objectives go with them, and the new manager can see what was agreed rather than starting again.
It does not cascade objectives automatically down a hierarchy, and it does not score achievement. Both are judgement calls it records rather than makes.
Review cycles assess against them. Learning records can link development to an objective.
Yes, with a team owner and individual contributions.
Configurable — often team-visible, sometimes private.
Where the measure supports it, yes.
Fourteen days, every module, no card. Or half an hour with someone who will run it on your own records and tell you where it does not help.