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Nice to know that some business executives are up on their Woody Allen (ANNIE HALL in this case), but I don't think schools are like great white sharks.
There's a piece missing that may be of help. If you read Black and Wiliam's material on formative assessment, they point out that for it to be truly effective, formative assessment should include both peer- and self-assessment. I would argue that part of the instructor's goal should be to work towards changing the balance in the formative assessment equation so that increasing amounts of written and oral feedback on student work come from peers and the student him/herself. Of course, I'm very impressed with what you've written and have passed it along to those with whom I work as a mathematics coach. They aren't anywhere near where you are in the process, and it takes enormous courage and commitment to try to do formative assessment in any serious, consistent way. I hope, however, that you realize that it's not all on you and that there are in fact ways to make it much less onerous.
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Jul 8, 2011