A large body of research literature suggests that quality formative assessment has the potential to promote positive outcomes for young children. This paper posits that early childhood educators learn how to use developmentally appropriate assessment practices to effectively assess young children and use these data to make decisions that matter most by having intentional opportunities to engage in a clearly-defined, research-based assessment process. The paper explores an assessment project using the Early Childhood Formative Assessment Protocol (EC-FAP). The paper details each step in the EC-FAP protocol and identifies specific opportunities for collaboration with colleagues and families. The paper concludes by arguing that by engaging in the protocol, early childhood teacher candidates learn to effectively gauge and monitor the learning and development of young children.