What is monitoring and evaluation?

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What is monitoring and evaluation?
What is M&E?
Monitoring is defined as:
A continuous function that uses systematic collection of data on some specified indicators to provide management and the main stakeholders of an ongoing development intervention with indications of the extent of progress and achievement of objectives and progress in the use of allocated funds. As per the Organization for Economic Co-operation and Development (OECD). In simple terms, it is the Regular collection of information and data to measure the project and activity progress so we can track performance and resource utilization over time.

Evaluation is the process of determining the worth or significance of development activity, policy, program or project. Evaluation tells how well the project has achieved its objectives and how much changes in outcome can be directly linked to project intervention.

Monitoring and Evaluation (M&E) is a continuous management function to assess if progress is made in achieving expected results, spot bottlenecks in implementation, and highlight any unintended effects (positive or negative) from an investment plan, program or project and its activities. - As per FAO
M&E is an embedded concept and part & parcel of every project and program design.
M&E is a critical part of the program management and implementation cycle.