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This document questions whether competency-based instruction is worth the effort of fighting university policies regarding the quarter or semester structure of courses or the possibility of creating anxious or frustrated college students as a result of instituting unfamiliar procedures. Do we even have a usable list of competencies? To facilitate discussion of these questions, one quasi-competency-based program in elementary mathematics education is described with the intention of giving an operational base for discussion of factors such as: a) the establishment of competencies; b) the nature of the learning environment; c) the modes of instruction; d) the role of time in instruction; and e) the evaluation of the attainment of competencies. The Elementary Program at Florida Technological University is described. Appendixes include sources of competency lists, learning environment, instructional materials, time limitation alternatives, and a bibliography. (JA)