Dear Swati,
You have not mentioned the nature of your industry, your finished product or service, your department, your designation, how many departments are there in your company etc. Above all, why you wish to do Monthly Performance Review? Why not quarterly?
Do you have proper policy on performance appraisal well in place? Is your decision consistent with this policy? Whose brainchild is this? Yours or your boss's?
Unless we get information on what is in your mind it will not be possible for us to give proper suggestions or advice. By the way, related to your post is my following reply to the previous post on Performance Appraisal. You may go through the reply. In this reply you will find one more hyperlink. Go through all the hyperlinks and you will develop your understanding of the subject Performance Appraisal.
https://www.citehr.com/519136-apprai...ml#post2210260
For confusion if any, you may call me on my mobile.
Thanks,
Dinesh Divekar