The goal of formative assessment is to monitor student learning to provide ongoing feedback that can be used by instructors to improve their teaching and by students to improve their learning. More specifically, formative assessments:

Formative assessments are generally low stakes, which means that they have low or no point value. Examples of formative assessments include asking students to:

The goal of summative assessment is to evaluate student learning at the end of an instructional unit by comparing it against some standard or benchmark.

Summative assessments are often high stakes, which means that they have a high point value. Examples of summative assessments include:

Information from summative assessments can be used formatively when students or faculty use it to guide their efforts and activities in subsequent courses.

Ipsative Assessment is the practice of defining a student’s progress based on their earlier work and focuses on progress through their subsequent work. Ipsative assessment uses a ‘personal best’ approach, like athletics, the student’s own progress becomes the benchmark of successful performance. Self-made targets also help students to not only become more self-reliant but aids both parties in identifying where there is more work to do. Students are also more likely to act on ipsative feedback because it is customized and not group comparative. According to Dr. Gywneth Hughes, when students are assessed in this way, ‘they can experience pride in their work and develop a long-term view of learning.’ 

Fun fact, the word ipsative drives from the Latin ispe meaning “of the self.”

The teacher also creates a record of the ongoing assessment in an electronic database or separate paper file. The record should detail the student’s feedback, improvements, and goals.  

The student’s story structure has improved, as has her grammar. The teacher and student identify a lack of descriptions in her stories and think they are a bit short. The student is to review suitable adjectives to describe her fictional world. 

The student should maintain consistency in story structure and grammar. It is agreed that descriptions for locations and characters will be the main area for improvement for her next submission. Set a date for the next meeting and discussion.

References 

Hughes, G. (2014, December 9).   Want to help students improve their work? Mark them on their progress. The Guardian.

Additional links on ipsative assessment

https://www.youtube.com/watch?v=jzvwiCzRxbI

Resources: https://www.youtube.com/watch?v=H-WEmsuvDsA
https://edulastic.com/blog/diagnostic-assessment/

Wouter, K., Janke, S. C., Florentine, M. B., Friso, M., & Rene, T. A. (2015, July). Cumulative versus end-of-course assessment: effects on self-study time and test performance. PubMed. https://pubmed.ncbi.nlm.nih.gov/26077218/

Assessment as Learning
This type of assessment comes in the form of the student assessing and monitoring their own learning. It is in the hopes that the student will ask questions and utilize a range of strategies to decide what they know, can do, and how to use the assessment to facilitate their new learning. 

Examples of Assessment as Learning:

Assessment of Learning
"Sometimes referred to as ‘summative assessment', it usually occurs at defined key points during a teaching work or at the end of a unit, term or semester, and may be used to rank or grade students. assists teachers in using evidence of student learning to assess achievement against outcomes and standards" 

The effectiveness of Assessment of Learning depends on the nature and quality of the feedback.

Examples of Assessment of Learning:

(Exam results, feedback on papers, etc).

Citation: 
https://www.educationstandards.nsw.edu.au/wps/portal/nesa/k-10/understanding-the-curriculum/assessment/approaches