Monitoring is the ongoing, systematic collection of information to assess progress towards the achievement of objectives, outcomes and impacts. It can signal potential weaknesses in programme design, allowing adjustments to be made. It is usually an internal management activity conducted by the implementing agency.

Evaluation is the systematic and objective assessment of an on-going or completed project, programme or policy, its design, implementation and results. The aim is to determine the relevance and fulfilment of objectives, development efficiency, effectiveness, impact and sustainability. Evaluations can be conducted internally, externally by independent consultants, or as a joint internal/external partnership.

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Source: GSDRC guide to monitoring and evaluation