Value for Money

Patricia Pulliam Phillips, PhD is an internationally recognized author, consultant, and president and CEO of ROI Institute, Inc. Phillips provides consulting services to organizations worldwide. She has been an author or editor of more than a hundred books and numerous journal articles, and her work has been featured on MSNBC and EuroNews. Jack J. Phillips, PhD is chairman of ROI Institute and a world-renowned expert on measurement and evaluation. Phillips, a former bank president, is also the author or editor of more than a hundred books and has provided consulting services in 70 countries. His work has been featured in the Wall Street Journal, Bloomberg Businessweek, Fortune, and on CNN. Gina Paone joined the International Monetary Fund in February 2011 after nearly eleven years with the United Nations World Food Programme based in Rome, Italy and 10 years in the private sector in a marketing capacity based in Toronto, Canada. She is currently the Division Chief, Talent Acquisition and Operations. Cyndi Huff Gaudet, PhD, is director of the School of Interdisciplinary Studies and Professional Development at The University of Southern Mississippi's Gulf Park campus, a scholar-practitioner managing projects integrating the ROI Methodology, and a recognized national expert helping organizations implement a systematic approach for developing human capital

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 Cant 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 Audienc