Pursuit of standards - In assessment, you do not compete with your classmates; instead you try to demonstrate that you can perform a task up to certain standards ("assessment criteria").
Understanding your grades - Grades provide feedback on your performance in a task with reference to the expected standards of performance. You can learn about the expected standards in "rubrics" (marking schemes where criteria and standards for a task are specified).
Reflecting on performance - The key to improvement lies in the knowledge of what needs to be improved; you can get that knowledge if you think back ("reflect") on your performance to see what you have done well or not so well, and what you have understood or not understood, etc.
Action planning - Through assessment of your performance you identify your needs for learning and development. Then comes the important question: "What do I need to do to improve my performance?"