A previous study of the performance of the global, i.e., simultaneous, analysis of unmatched polarized decay traces [Crutzen, M.; et al. J. Phys. Chem. 1993, 97, 8133] is extended for the time-dependent anisotropy r(t), given by r(t) ) exp(-t/Φ) + r ∞ . The evaluation was done with computer-generated and experimentally collected data. Two different schemes of analysis of unmatched polarized decay traces were considered. In scheme A the decay curves measured with the analyzer set at 0°, 54.7°, and 90°with respect to the polarization of the incident light were globally analyzed, while only the traces at 0°and 90°were taken into account in scheme B. Data were simulated for various Φ/τ ratios (0.1, 1, 3, and 10). The value obtained for the fluorescence lifetime τ was accurate and precise for all cases considered. For Φ/τ ) 0.1, 1, and 3 (τ ) 5 ns) the parameters and Φ were well recovered. The accuracy and precision were very similar to the results obtained with matched decay traces. The recovery of r ∞ was case dependent. Scheme A performed somewhat better than scheme B. When r 0 was fixed to the true value, the analysis with schemes A and B yielded the same accuracy and precision as the analysis of the matched curves. For Φ/τ ) 10, the parameter estimates for the anisotropy parameters were inaccurate and suffered from very high uncertainty. No improvement was obtained when r 0 and the matching factors were kept fixed to the true value. This is in contrast with the results obtained for r(t) without an r ∞ term, where Φ/τ can even be much higher when r 0 or the matching factors are kept fixed. There was some improvement when the signal to noise ratio was increased. When the decay of the total fluorescence was biexponential, scheme A performed much better than scheme B. The best results were obtained when G or r 0 was kept fixed. It was found that with respect to the normalization of the polarized decay traces the fundamental anisotropy r 0 and the matching factor G contain the same information. In general, the best accuracy and precision in the parameter recovery were obtained when a predetermined value for G or r 0 was used in the analysis. The performance of the analyses without the information on r 0 or G depended more on the Φ/τ ratio than for the analyses where this information was used. Fixing of both G and r 0 to the proper value might lead to an improved precision. It has to be emphasized that the use of incorrect values for G (with r 0 freely adjustable) or r 0 (with G freely adjustable) could lead to good data fits, although the parameter estimates are incorrect. A small change in r 0 can lead to a large change in Φ. Therefore, in general it can be recommended that either G or r 0 be fixed, but not both. Alternatively, the comparison of the results obtained with a freely adjustable G and a fixed G can provide a check for the data analysis.