Enterprises around the world are employing reverse supply chain practices to overcome the regulations and generate profit making opportunities. As a result of the rapid progress in technology the product lifecycles are shrinking faster than ever. In the face of global competition, heightened environmental regulations and a wealth of additional profits and improved corporate image opportunities, performing the reverse supply chain operations at a world class level is becoming quintessential. These factors in addition to the inherent complexity of reverse supply chains due to the uncertainties associated with the quantity, quality, and timing of returns make returns management all the more complicated. This research spotlights on this particular problem from a consumer electronics industry perspective, as it poses the greatest challenges in handling returns due to the presence of high clock speed products and greater return volume and variability. In this research, Performance Evaluation Analytic for Reverse Logistics Methodology is developed to facilitate decision making from the perspective of an enterprise engaged in reverse logistics. It explores the various reverse logistics functions and product lifecycle stages. It also develops some key business strategies and performance metrics that can be employed to be successful in returns handling. Deployment of this methodology in their organizations provides them with a real world assessment of what strategies, reverse logistics functions, product lifecycle stages, or key performance indicators impact the Reverse Logistics Performance Value, thereby allowing them to continuously improve their returns management capabilities.