Outcome Based Education (OBE) is an approach in the field of engineering education, accepted in recent years all over the world. Output in terms of Cumulative Grade Points Average (CGPA), pass percentage, etc. has been the traditional measurement in education whereas outcome focuses on the level of transformation and achievement in the student. Every institution endeavours to fulfil its mission through its programs which constitute courses and learning activities. The program objectives guide to form the program outcomes, which need to align with universally accepted graduate attributes. These are mapped to the course outcomes whose knowledge levels can be guided by Blooms Taxonomy. Achievement of program objectives can be judged only through the attainment of program outcomes which are indicated by the attainment of the outcomes of the courses which constitute the program. Therefore, assessment tools and attainment methods for the course outcomes and program outcomes are required to indicate the level of transformation at each level. This paper presents a methodology to calculate the attainment of course outcomes and program outcomes and provides the recommended threshold values to identify the extent of desired transformation in a student after a teaching learning process. Awareness and implementation of these assessment methods with systematic review of thresholds and consequent course correction measures can have a profound impact on student success and mission accomplishments of institutions.