Study: Social Benefits
What is the research?
This research project is a critical evaluation of current methods used by project planners and evaluators in the public and third sectors to quantify social benefits and costs. By evaluating current methods it aims to see if it possible to develop alternative quantification models/frameworks for quantifying these costs and benefits, thus broadening the choice of available quantification frameworks to project management professionals.
Why is it important?
This research is important because, when planning or evaluating projects in the public and third sectors, cost benefit analysis is used as a core tool in determining whether a project represents value for money. This can determine whether a project goes ahead in the first place or is repeated in the future, thus impacting how public and third sector bodies use their scarce financial resources.
To carry out this cost benefit analysis is a straightforward process where costs and benefits are easily quantified, e.g. the cost of an apprenticeship which leads a young person into sustained employment. However, public and third sector projects are often more complex and the social costs and benefits are not as clear or direct. Evaluators of these projects must, therefore, find alternative ways to quantify these costs and benefits.
This research is important as it will review how this quantification currently occurs, what the advantages and disadvantages of current methods/models/frameworks are, and whether alternatives could be developed to improve how we evaluate these projects in future.
Who is the intended audience?
This research will be of interest to project planners and evaluators in the public and third sector, but may have wider implications in terms of stakeholder management more broadly.
How can I take part in the research or find out more?
I am keen to hear from project planners and evaluators in the public and third sector, especially to hear about their experiences with current methods/models/frameworks for quantifying social costs and benefits. I can be contacted through the APM Research Office via firstname.lastname@example.org
What are the benefits in taking part?
This research is intended to have maximum impact in terms of professional practice. This research will be disseminated through a number of academic and non-academic publications. Your help and support would be deeply appreciated by myself and APM.
Who is the Research lead?
Peter Hill is a freelance Senior Lecturer in project management, strategy and economics and is Associate Senior Lecturer in Project Management and Strategy at BPP University.