For those interested in standards based grading for their classroom, I'd like to give an example of how to grade student work.
I'm sharing an image of a math student exploring the 4th grade math concepts, "fractions" and "probability".

In this example, they are referencing some of the material they may have overheard in math class, like "1/100th" but they are using it in the wrong context. This student is not able to distinguish the difference between an event occuring 100 times and 0.01 of an event happening.

They are not able to connect verbal phrases to their mathematical equivalent form. They would also likely have difficulty determining if a penny is $0.01 or 0.01¢.

This problem they are working through has real world context, which is good for measuring how they will apply these concepts in future "novel" situations where creativity and problem solving are necessary and have more serious implications.

In this problem, they have the potential to demonstrate an above grade level understanding related to the concepts.

Unfortunately at this point in time, the student is still at a developing, below grade level, stage related to these concepts and is drawing some incorrect conclusions from a graph they were asked to interpret.
They will still have additional opportunities to demonstrate growth.

I would encourage a student like this to do more practice and ask for help or more complex concepts will not be attainable in the future.

I would also add that based on the number of his classmates that like his "work", we need to go back and reteach this concept because many others in class are not seeing the error in thinking either.