Formative evaluation is :

The correct option is related to ongoing development and improvement.

Explanation:
Evaluation in education is a continuous process that helps in understanding and measuring the effectiveness of the teaching-learning process. It is broadly categorized into formative and summative evaluation based on its timing and purpose.

What is Formative Evaluation?
Formative evaluation refers to a range of formal and informal assessment procedures conducted by teachers during the learning process in order to modify teaching and learning activities to improve student attainment. Its primary goals are:
1. To monitor student learning and provide ongoing feedback.
2. To identify areas where students are struggling so that instructors can address problems immediately.
3. To foster ongoing development and improvement of both the learner's understanding and the instructional methods.

Why other options are incorrect:
• "not subjected to change.": Formative evaluation is inherently flexible and designed to guide changes in teaching strategies.
• "what is happening in the teaching-learning process.": While formative evaluation monitors the process, this statement is too broad and does not capture its primary function of improvement.
• "carried out at a pre-specified or particular stage in the course.": This describes summative evaluation, which is conducted at the end of an instructional unit (like a final exam) to grade or certify students.