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What Is the Difference Between Formative Evaluations and Summative Evaluations

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Short Answer

What is the difference between formative evaluations and summative evaluations?


Definitions:

Accounting Definition

Refers to the systematic process of recording, measuring, and communicating information about financial transactions.

Financial Resources

Assets in the form of cash, credit, or other financial assets that are available to an individual or organization for use.

Total Economic Cost

The sum of explicit and implicit costs associated with a business activity or decision, considering both direct financial outlays and opportunity costs.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision.

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