A New Way to Assess Test Results?

I came across an interesting read by a professor at Union College on how their tenure process is run. Basically it consisted of student reviews/interviews, assessments by fellow teachers, class sit-in assessments, and lots of paperwork from every class syllabus, lecture note, published work, teaching method statements, and so on. His point was that this intensive method of assessment, while thorough and effective, is too expensive to do regularly. Admittedly, I don’t know much about what it’s like to apply for tenure, or what the process entails at other levels, but this method seems to be on the right track with regards to how to make proper assessments in general.