New York City is planning to overhaul the school assessment system by getting rid of "A" through "F" grading.

Schools Chancellor Carmen Farina announced the new plan while speaking at P.S. 503 in Brooklyn.

Instead of letter grades for assessing performance, Farina announced two new accountability tools for New York City public schools.

The first is called the school quality guide. It includes multiple years of data so that a school's progress can be easily tracked over time.

The second element is the school quality snap shot, which is designed to replace, what Farina calls, "the one size fits all letter grade system."

Her plan features formal school visits and evaluations by experienced educators, as well as feedback from parents, students and teachers. It also measures progress and achievement in a variety of other ways, including monitoring student improvement on state tests. This will allow schools to identify and address specific strengths and weaknesses.

Farina says the new changes to the school assessment system will create more transparency and will help better prepare students to compete in the 21st century.