Project and Activity performance is monitored systematically, regularly, and on an on-going basis through the regular indicator tracking system. This analysis allows managers of MCA-Armenia and MCC to make programmatic adjustments as necessary with the view towards improving the overall impact of the Program.

The MCA-Armenia M&E Plan defines indicators at all levels of Program implementation. Lower level indicators (process milestones and outputs) and their targets are drawn from project and activity work plans. Almost all higher level indicators (outcome, objective and goal) and their targets are directly linked to the economic rate of return analysis that was conducted to estimate the impacts of the investment and are drawn from the benefit streams of that analysis.

The Indicator Definition Tables in Attachment A of the M&E Plan provide a detailed definition of each indicator, unit of measurement, source of data, method of data collection, frequency of data collection, and the entity responsible for collecting the data.

The baselines and targets for each indicator are derived from the economic analysis justifying Program investments. Prior to implementation of a specific Activity, all baselines and targets relevant to that Activity are specified. If necessary, targets may be revised with written approval from MCC.

As part of its Quarterly Disbursement Request MCA-Armenia submits Indicator Tracking Tables (ITT) to track interim progress toward compact goals. The ITT displays performance targets (projections) and tracks progress against them (actuals).