Performance accountability plans developed under this subtitle shall:
(1) Be based on the institutional mission statement and shall include a statement of the outcomes which each institution expects to achieve;
(2) Include multiyear studies which shall include quantifiable indices of student academic performance and development including graduation and retention rates and the results of academic program reviews;
(3) Identify institutional performance objectives appropriate to the mission of the institution in addition to those related to student learning and include reports based on regional and professional accreditation and certification;
(4) In the case of public senior higher education institutions, designate a set of peer institutions to which the institution’s performance will be compared; and
(5) Make provision for improvements, as needed, as a result of the performance accountability report.