Learning outcomes can be used to track mastery in a course.
Assessments can be aligned to learning outcomes through rubrics.
Grading student work automatically collects and compiles data on student progress for the Outcomes.
Use outcomes to:

Focus students' attention on the most important skills and activities in your course (find existing outcomes or create new ones)
Align Quizzes and Assignments to different kinds of mastery
Run reports at the account-level about student artifacts of learning mastery
Track student progress on a learning outcome or overall in the Learning Mastery Gradebook
Align accreditation or other core standards to programs of study, courses, or student assessments

Canvas allows you to add outcomes to your grading rubrics so that you can evaluate mastery as you grade assignments.