With increasing demand for services but shrinking resources, it is important to understand not just the financial cost, but also the social and economic value of public services.
As a not-for-profit, employee-owned public interest organisation, our values inform the way we support you to understand the costs and benefits of your services. Our processes will help you learn how to enhance the social and economic value of your work. And at a time when resources are scarce, we can help you operate more efficiently.
Our Economic Assessment Tool (EAT) and Pathways to Outcomes modelling tools are part of a programme that has been given endorsed award status by the Institute for Leadership and Management (ILM). Designed and tested in collaboration with public service commissioners and frontline workers, the EAT has four key stages to help you work through your economic evaluation:
- Planning and mapping: We clarify what is being assessed, the time period and types of data.
- Costing and valuing: The EAT provides simple methods for calculating costs and assigning monetary values to different types of outputs and outcomes.
- Calculating costs and benefits: Different procedures help to calculate ‘costs’ and ‘benefits’ to justify decisions and assumptions.
- Validating: Economic results are captured alongside other quality and effectiveness indicators, and presented in ways that make sense to your teams and stakeholders.
Because ‘efficiency’ and ‘value’ should also be determined by those who pay for, deliver and benefit from public services, our processes ensure that a variety of voices contribute to the investigation to give you the best possible results.