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This paper examines current and proposed strategies for evaluating principal preparation programs (PPPs) and proposes a new approach to PPP evaluation. The study finds that current and proposed strategies are severely flawed—particularly with respect to outcome measures. In fact, we find that most current and proposed efforts will be inaccurate and unfair such that evaluations will be biased against certain programs. Given the limitations inherent in evaluating PPPs, we propose a new approach that relies on appropriate quantitative and qualitative methods. We argue this new approach meets program evaluation standards to a greater degree than any current or proposed strategies.