The Physical Measurement Laboratory (PML) at the National Institute of Standards and Technology (NIST) is dedicated to three fundamental and complementary tasks: (1) increase the accuracy of our knowledge of the physical parameters that are the foundation of our technology-driven society; (2) disseminate technologies by which these physical parameters can be accessed in a standardized way by the stakeholders; and (3) conduct research at both fundamental and applied levels to provide knowledge that may eventually lead to advances in measurement approaches and standards. This report assesses the scientific and technical work performed by the PML and identifies salient examples of accomplishments, challenges, and opportunities for improvement for each of its nine divisions. Table of Contents Front Matter Summary 1 The Charge to the Panel and the Assessment Process 2 Applied Physics and Quantum Electromagnetics Divisions 3 Engineering Physics Division 4 Office of Weights and Measures 5 Quantum Measurement Division 6 Quantum Physics Division 7 Radiation Physics Division 8 Sensor Science Division 9 Time and Frequency Division 10 Key Suggestions for Improvement Acronyms