What is Impact/Value Framework?
The Impact/Value Framework (IVF) is a method for evaluating the impact and value of a project or program. It is designed to help organizations identify, measure and communicate the value of their initiatives in terms of the results they achieve and the benefits they deliver.
The framework consists of five elements:
- Outcomes: The intended results of the project or program, such as increased sales or improved customer satisfaction.
- Impact: The positive changes that occur as a result of the project or program, such as increased revenue or reduced costs.
- Value: The monetary or non-monetary benefits that the project or program delivers to the organization, such as increased profitability or improved employee engagement.
- Stakeholders: The individuals, groups or organizations that are affected by the project or program, such as customers, employees, or shareholders.
- Metrics: The means by which the outcomes, impact and value are measured and communicated, such as revenue growth, customer satisfaction rates, or return on investment (ROI).
The IVF is used to evaluate the overall impact and value of a project by considering the results achieved, the benefits delivered and the stakeholders affected. By using this framework, organizations can make better-informed decisions about the allocation of resources and focus on initiatives that are most likely to deliver the greatest value. Additionally, it also helps in communicating the value and impact of the project internally and externally to the stakeholders and other stakeholders.