Evaluation is an unavoidable feature in any teaching or learning scenario. The evaluation strategy of students differs widely throughout the world. Further, most of the institutes do not use any objective technique to assess the teaching performance of a teacher. The present paper defines performance metrics both for student and teacher evaluation and also discusses the methodology for calculating relevant metrics. In a decision-making scenario, these metrics may help in providing enough insight into the assimilation capability of students and teaching capability of teachers. Once measured properly for an adequate length of time, these metrics can also be customised to provide other useful information like utility of a course modification, institutional performance etc. The system has been tested for analysing four courses in a premier engineering institute and the outcome found to be encouraging.