Performance Monitoring
The ongoing, systematic process of collecting, analysing and using performance information to assess and report on an organisation's progress in meeting expected results and, if necessary, make adjustments to ensure these results are achieved.
(Treasury Board of Canada Secretariat "Results Based Management Lexicon" http://www.tbs-sct.gc.ca/rma)
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Alternatively defined as "a continuous process of collecting and analyzing data to compare how well a project, program, or policy is being implemented against expected results."