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This study explored faculty and students' experiences and perspectives regarding a Formative-Alternative Assessment Methodology (FAAM) implemented at a Colombian university during the COVID-19 pandemic. Seven instructors and seven students participated in semi-structured individual interviews, sharing their experiences and evaluation of the impact of the FAAM. The constant comparative method was used for data analysis, and three critical domains in the participants' FAAM experiences were identified: salient FAAM principles, FAAM practices and resources, and emerging and re-envisioned roles of key stakeholders. Findings showed that students and instructors exhibited some commonalities and differences in their accounts of the FAAM, including the roles they played during the pandemic's unique teaching and learning contexts. Recommendations for future assessment-related implementations were also provided.