Determine what project you want to use to assess your students' understanding of place value. Rcampus.com provides an example for assessing students' knowledge of place value up to the million's place with a book that the students will create using five different seven-digit numbers.
Create a chart with boxes. Label the boxes across the top with grade or point values. This chart is your rubric.
Decide the knowledge on which you want to assess your students and how they will demonstrate that knowledge. Rcampus.com's example assess students on their ability to create a place value chart and correctly write the numbers in standard form, expanded form, and written form. You also need to decide if you are going to grade on organization and neatness. List all these items in the boxes on the left column of your rubric.
Determine the criteria to obtain each grade for all of the items you are assessing. For example an "A" grade on the written form of the number may state, "Students correctly write out all five numbers." A "B" grade might state, "Students correctly write out four of the five numbers." Write this criteria in the appropriate boxes of the rubric.
Distribute the rubric to your students when you assign the project. Explain each item and the criteria for each grade before they begin.