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Value for Money: How to Show the Value for Money for All Types of Projects and Programs in Governments, Non-Governmental Organizations, Nonprofits, and Businesses

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Value for Money: How to Show the Value for Money for All Types of Projects and Programs in Governments, Non-Governmental Organizations, Nonprofits, and Businesses

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Description

Written by two of the world's most well-known ROI (Return on Investment) gurus, this guide is indispensable for anyone involved in showing the value of money for projects and programs in governments, non-governmental organizations, nonprofits, and businesses. These range from human capital programs to marketing initiatives, technology implementations, systems integrations, quality and lean processes, public health initiatives, procurement procedures, public relations events, risk management policies, economic development programs, corporate social responsibility projects, public policy programs, branding activities, innovation programs, customer satisfaction projects, and everything in between.

In a step-by-step process, the book shows how to measure the success of projects and programs, including measuring impact and ROI (Return on Investment). This book also shows how to forecast the value of the project in advance and how to collect data during and after project implementation. It addresses improvements throughout the process so that the project delivers optimum value. In addition to businesses, this book is appropriate for governments, NGOs, nonprofits, universities and healthcare organizations.

As a reference for those who are seeking ways to assign value to what they have measured, the book will clarify and resolve much of the mystery surrounding the conversion of data to monetary values. Building on a tremendous amount of experience, application, practice, and research, the book will be based on the work of many individuals and organizations, particularly those who have been reaching the ultimate levels of accountability using the ROI Methodology. Developed in an easy-to-read format and fortified with examples, tips, and checklists, this will be an indispensable guide for those who seek to understand accountability issues.

Praise for Value for Money v

Foreword xxv

Preface xxvii

Value is Changing… xxvii

Need for a New Approach xxviii

The ROI Methodology: The Enhanced Logic Model xxix

We Can’t Measure Our Way to Success xxx

Flow of the Book xxxi

Acknowledgements xxxv

Authors xxxviii

1 The Value Evolution 1

The Value Shift 4

Why Now? 8

Challenges Along the Way 16

Final Thoughts 19

2 Six Ways to Show Value for Money 21

Six Ways to Show Value for Money 25

Barriers to Showing Value for Money 32

Final Thoughts 38

3 Needed: An Enhanced Logic Model 39

A Review of Models 42

Concerns about Current Models 47

How Does Your Current Model Stack Up? 60

Requirements for the Value for Money: A Measurement Process 64

ROI Methodology 65

Terminology: Projects, Solutions, Participants 66

Final Thoughts 67

4 Introducing the ROI Methodology 69

Types of Data 70

The Initial Analysis 75

Using Design Thinking to Deliver and Measure Results 77

The ROI Process Model 78

Operating Standards and Philosophy 87

Implementing and Sustaining the Process 87

Benefits of this Approach 88

Final Thoughts 91

5 Start with Why: Align Programs with the Business 93

Impact Measures are Critical 96

The Challenge 97

The Alignment Model 98

Payoff Needs 99

Business Needs 109

Final Thoughts 118

6 Make it Feasible: Select the Right Solution 119

Performance Needs 122

The Performance Dialogue 122

Use Analysis Techniques 125

Learning Needs 131

Preference Needs 134

Matching Solutions to Needs 135

The Matrix Diagram 136

Selecting Solutions for Maximum Payoff 138

Final Thoughts 140

7 Expect Success: Design for Results 141

The Power of Expectations 144

Defining the Success of Programs 147

Designing for Results at Each Level 149

Developing Objectives at Multiple Levels 152

The Power of Objectives 160

Defining Roles and Responsibilities 162

Planning the Evaluation 166

Final Thoughts 172

8 Make it Matter: Design for Input, Reaction, and Learning 173

Communicating with Results in Mind 174

Changing the Role of Participants 177

Creating Expectations 178

Think ROI 181

Design Input for Results 183

Design Reaction for Results 187

Design Learning for Results 193

Data Collection for Input, Reaction, and Learning 194

Timing of Data Collection 197

Final Thoughts 199

9 Make it Stick: Design for Application and Impact 201

Data Collection for Application and Impact 204

Monitoring Business Performance Data 219

Selecting the Appropriate Method for Each Level 222

Timing of Data Collection 224

Built-In Application Tools 226

Involving the Participants’ Manager or Significant Other 230

Final Thoughts 235

10 Make it Credible: Isolate the Effects of the Program 237

The Importance of Pinpointing the Contribution 240

Preliminary Issues 242

Quantitative and Research Isolation Methods 244

Qualitative Isolation Methods 254

Select the Method 263

Final Thoughts 264

11 Make it Credible: Convert Data to Monetary Value 265

The Importance of Monetary Value 267

Key Steps in Converting Data to Money 270

Standard Monetary Values 272

When Standard Values are Not Available 281

Selecting the Technique 290

Final Thoughts 295

12 Make it Credible: Identify the Intangibles 297

Why Intangibles are Important 299

Measuring and Analyzing Intangibles 304

Final Thoughts 313

13 Make it Credible: Capture Costs of the Program and Calculate ROI 315

The Importance of Costs and ROI 319

Fundamental Cost Issues 320

Specific Costs to Include 325

Cost Tabulation in Action 328

The ROI Calculation 333

Other ROI Measures 342

Final Thoughts 343

14 Tell the Story: Communicate Results to Key Stakeholders 345

The Importance of Communicating Results 352

Principles of Communicating Results 355

The Process for Communicating Results 357

Step 1: Analyze Reason for Communication 359

Step 2: Plan for Communication 359

Step 3: Select Audience 360

Step 4: Develop Reports 363

Step 5: Select Media 363

Step 6: Present Information 370

Step 7: Analyze Reaction 378

Final Thoughts 379

15 Optimize Results: Use Black Box Thinking to Increase Funding 381

Process Improvement is the Key: Black Box Thinking 383

Making Adjustments in Programs 387

The Timing of Changes 390

Increasing ROI 393

Influencing Allocation 396

Final Thoughts 400

16 Forecast the ROI 401

The Importance of Forecasting ROI 407

The Trade-Offs of Forecasting 411

Pre-Program ROI Forecasting 413

Forecasting with a Pilot Program 422

ROI Forecasting with Reaction Data 423

Forecasting Guidelines 427

Final Thoughts 429

17 Make it Work: Sustaining the Change to a Results-Based Process 431

Overcoming Resistance 433

Assess the Climate 434

Develop Roles and Responsibilities 434

Establish Goals and Plans 436

Revise Guidelines and Procedures 438

Prepare the Team 440

Initiate ROI Studies 441

Prepare the Management Team 442

Remove Obstacles 443

Monitor Progress 445

Final Thoughts 446

References 447

Appendix A 459

Appendix B 467

Appendix C 471

Index 473