This document discusses the history and evolution of monitoring and evaluation (M&E) practices over the past 50 years, from early target setting initiatives to current approaches. It outlines the basic definitions and purposes of M&E, including methodologies like logical frameworks and tools like surveys. The document then analyzes how M&E approaches have developed in tandem with target setting at the global, national and project levels. Finally, it considers the costs of M&E and debates the concept of value for money, concluding with questions around future directions for target setting and M&E methods.