(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.