Julian’s Value for Investment approach is a syncretic blend of economic and evaluative methodologies, including evaluative rubrics. As you can see from the picture below, it’s a topic of great interest in this part of the world, and there’s nothing we like better than puzzling over these things together!
What is Value for Investment, and how should we evaluate it?
Tena koutou katoa, I am a New Zealand evaluator and a PhD student at the University of Melbourne.
In the run-up to AEA Denver, I have posted this e-book on evaluating value for investment: http://www.julianking.co.nz/downloads/
Why Value for Investment? A term more commonly in use is value for money – but in my experience this gives undue emphasis to the money. Often, the most valuable resources and outcomes are intangible.
For example, more is invested in a social program than funding alone – intangible resources like cultural capital, knowledge and networks also have intrinsic value. While economics offers ways of representing intangible value in monetary terms, there are times when this is neither necessary nor desirable.
Is there a better way? Yes! Whatever methods we use, what we need is an overarching model to guide evaluation of VFI. My proposed model combines economic and evaluative thinking and has four components: VFI logic, context-appropriate valuing, evaluation logic, and evaluation with integrity.
I look forward to your feedback and questions, and hope to see you at AEA at my roundtable session: Getting to the real value in ‘value for money’.