A pilot project in performance funding was conducted at Tennessee Technological University. A random sample of 112 seniors participated in a special assessment exercise involving the American College Testing (ACT) Battery and the ACT College Outcome Measures Project. The participants also completed a questionnaire designed to elicit self-reports of progress toward the realization of a set of institution-wide or general education goals. Factor analyses and item analyses were performed on self-report responses and two separate two-item indices were obtained. The relationships between the "objective," or test performance, and the "subjective," or student testimony, instructional outcomes measures were examined. The findings support the concurrent validity of the student testimony data, but the magnitude of the correlation coefficients seem to suggest that a substantial proportion of the variance in self-reported progress scores is not explained by the test performance results. The implications of the study results for the better-informed selection, implementation, and interpretation of instructional outcomes measures are discussed. Statistical data and a bibliography are included. (SW)