The commas around both 'Janice' and 'Noreen's' set off appositives (of 'wife' and 'daughter' respectively), and that is the standard punctuation. With short and common appositives such as these, some editors omit the commas. Consequently, there are two accepted choices (the first needing a small correction): My wife, Janice, and I have seen a marked decrease in our daughter's, Noreen’s, performance.
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