One literacy assessment method that I can suggest is the running record assessment. This assessment method involves observing a student as they read a passage aloud while the teacher takes notes on the student's reading behaviors, errors, and self-corrections.

Strengths:

Running record assessment provides teachers with an opportunity to get an accurate picture of a student's reading level and identify their strengths and weaknesses.
It allows teachers to monitor student progress over time and make informed decisions about instruction and interventions.
Running record assessment is a formative assessment, which means it can be used to guide instruction and provide ongoing feedback to students.

Weaknesses:

Running record assessment can be time-consuming, especially if teachers are working with large classes.
It requires a high level of expertise to administer the assessment accurately and consistently.
Running record assessment may not be suitable for all students, particularly those who are shy or uncomfortable with reading aloud in front of others.

Overall, running record assessment is a useful tool for teachers to assess students' reading proficiency and guide their instruction. However, it's important to use it in combination with other assessment methods and to ensure that teachers are properly trained in administering and interpreting the results.