I have seen (by some of my former instructors) the following strategy applied as an alternative to traditional "midterms and final" assessment in a math course:
Students take a quiz weekly. Each quiz question is tied to a specific standard. On its own, this could serve as a mix of formative/summative assessment, depending on whether the grading scheme includes midterms as well and what weight these quizzes are assigned.
The quizzes are graded and handed back fairly quickly, with some amount of feedback.
On each week's quiz, there are additional questions which cover the previous week's "new standards", though they might be different questions. Students who did not perform as well as they wanted the first time can also attempt these questions and replace their grade for the previous week's question.
I know that this is a type of to "standards based grading." However, I'd like to know whether there is a name for this specific assessment scheme other than "standards based grading" (since this assessment scheme refers to a specific implementation of standards based grading) and whether there is any research regarding whether this scheme is effective in a college math classroom -- both in instructor time and student learning. A Google search has proved fruitless, because I do not know what terms to search for.