𝗥𝗲𝗮𝘀𝗼𝗻𝘀 𝘁𝗼 𝗺𝗼𝗻𝗶𝘁𝗼𝗿 𝗮𝗻𝗱 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗲
– Reputation
– Organisational performance
– Value for money
– Programme/project performance
– Contract management
– Risk appraisal
– Financial due diligence, approval and management
– Audit and external scrutiny

𝙒𝙝𝙖𝙩 𝙞𝙨 𝙢𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 𝙖𝙣𝙙 𝙚𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙖𝙗𝙤𝙪𝙩?

𝗧𝗵𝗲 𝗽𝗹𝗮𝗻:
– why are we doing it? (aims and objectives)
– what will we achieve?
– how much will we spend?
– what’s the timescale?

𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀:
– are we delivering against our aims and objectives?
– what have we achieved so far?
– how much have we spent so far?
– are we on schedule?
– if its not working, what do we need to change?
– now we know more about delivery – do we need to amend our objectives and targets?

𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻:
– what difference did the activity/investment really make?
– and how far did we meet or exceed our original aims, objectives and expectations?
– what did we learn for the next iteration?

𝙒𝙝𝙖𝙩 𝙙𝙤 𝙬𝙚 𝙩𝙮𝙥𝙞𝙘𝙖𝙡𝙡𝙮 𝙢𝙚𝙖𝙨𝙪𝙧𝙚 𝙖𝙣𝙙 𝙩𝙧𝙖𝙘𝙠?
𝗜𝗻𝗽𝘂𝘁𝘀 – the resources put into the project or programme
𝗢𝘂𝘁𝗽𝘂𝘁𝘀 – measuring activities that are delivered
𝗢𝘂𝘁𝗰𝗼𝗺𝗲𝘀 – the benefits from the project
𝗜𝗺𝗽𝗮𝗰𝘁𝘀 – the economic impacts from the project
𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 / 𝘃𝗮𝗹𝘂𝗲 𝗳𝗼𝗿 𝗺𝗼𝗻𝗲𝘆 – costs per unit of delivery or per economic impact unit
“𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗮𝗱𝗱𝗲𝗱 𝘃𝗮𝗹𝘂𝗲” – there are returns to cope and scale due to an integrated/joined up approach. This can be through strategic investments, capital projects or the organisation is using its role as a big organisation or as influencer

𝙎𝙤𝙢𝙚 𝙩𝙞𝙥𝙨
> Avoid being too complex
> Avoid comparing apples with pears or counting apples when you mean pears
> Optimism bias – particularly from businesses
> Be thorough before laying the blame (or praise!)

𝙏𝙝𝙚 𝙗𝙚𝙨𝙩 𝙡𝙖𝙞𝙙 𝙥𝙡𝙖𝙣𝙨…
You can’t design a large economic development initiative on paper and expect it to be executed as planned. Once you start setting up delivery and learn more – you will change and improve delivery. Commonly, large projects over £1 million take 3-6 months to set up before they are ready to deliver.

𝙄𝙣 𝙨𝙪𝙢
Monitoring and evaluation…
– Is a project initiation and performance management tool
– It’s not about being wrong or right – its about what you learn, and then how it is applied to improve management and delivery going forward
– Any approach has to be practically useful and can be applied
– It is best used if it can be integrated into approvals and management processes