This book tackles the third major challenge and the second most difficult step in the ROI methodology: converting data to monetary values. When a particular project or program is connected to a business measure, the next logical question is: what is the monetary value of that impact? For ROI analysis, it is at this critical point where the monetary benefits are developed to compare to the costs of the program to calculate the ROI. Includes: The Importance of Converting Data to Monetary Value Preliminary Issues Standard Values: The Different Types Standard Values: Where to Find Them Using Internal Experts Using External Databases Linking with Other Measures Using Estimates When to Abandon Conversion Efforts and Leave Data as Intangible Analyzing the Intangibles Reporting the Intangibles
Book Details:
- Author: Patricia Pulliam Phillips
- ISBN: 9780470185759
- Year Published: 2008
- Pages: 150
- BISAC: BUS066000, BUSINESS & ECONOMICS/Training
About the Book and Topic:
This book tackles the third major challenge and the second most difficult step in the ROI methodology: converting data to monetary values. When a particular project or program is connected to a business measure, the next logical question is: what is the monetary value of that impact? For ROI analysis, it is at this critical point where the monetary benefits are developed to compare to the costs of the program to calculate the ROI. Includes: The Importance of Converting Data to Monetary Value Preliminary Issues Standard Values: The Different Types Standard Values: Where to Find Them Using Internal Experts Using External Databases Linking with Other Measures Using Estimates When to Abandon Conversion Efforts and Leave Data as Intangible Analyzing the Intangibles Reporting the Intangibles
Today, many sponsors and stakeholders are making an important demand: Show me the money! Executives who fund projects are asking for the monetary contribution in terms that they understand and appreciate. They do not want funny money or substitute data. They want to see credible monetary values placed on the business impact measures connected to the program. Practitioners and evaluators need helpful advice on how to tackle this issue. It is often an area that is unfamiliar to practitioners. They need logical, practical, rational tools. This book will meet this need and fill a void in the professional literature by exploring critical issues of placing monetary value directly on impact measures.
Show me the Money. This book demystifies the confusing but increasingly key — issue of placing monetary value on measures linked to a specific program. Tools for Uncovering Values. Many standard values are already developed and often the conversion process is just a matter of finding and applying those values. This book explores ways to uncover these values already developed or to find them on the Internet or in databases. It also focuses on the issue of measuring the hard to measure and placing a value on the hard to value. Addresses Intangibles. When not converted to money, data is considered to be intangible by definition. This book describes typical intangibles connected to programs and shows when (and when not to) to collect the intangibles, how to analyze them and report them in a credible way. ROI Institute Connection. The leaders in measurement and ROI research, pedagogy, tools, case studies, and programs, the ROI Institute has delivered workshops to more than 25,000 training professionals — offered in almost every major international city. Routine offerings of one- and two-day workshops sponsored by ASTD and other organizations and are offered about 40 times per year by the Institute. The Series will be an indispensable tool to support ROI Institute workshops, certification programs, and as handouts on particular topics and aggressively marketed and promoted by the Institute and its partners.
About the Author
Dr. Jack J. Phillips is chairman of the ROI Institute. A world-renowned expert on measurement and evaluation, Phillips provides consulting services for Fortune 500 companies and workshops for major conference providers throughout the world. Phillips is also the author or editor of more than 30 books and more than 100 articles. His expertise in measurement and evaluation is based on more than 27 years of corporate experience in five industries. Phillips has served as training and development manager at two Fortune 500 firms, senior HR officer at two firms, president of a regional federal savings bank, and management professor at a major state university. Dr. Patti Phillips, an internationally recognized author, consultant, and researcher, President and CEO of the ROI Institute, Inc., the leading source of ROI evaluation education, research and networking. She is a Chairman of The Chelsea Group, Inc., an international consulting organization supporting organizations and their efforts to build accountability into their training, human resources, and performance improvement programs. The ROI Institute, Inc. is a benchmarking, research, information sharing organization that provides consulting services, workshops, and certification in the ROI methodology. Widely considered leading authorities on evaluation and measurement of learning and development in organizations, the Institute annually conducts workshops and offers certifications for thousands of practitioners through a variety of strategic partners, including ASTD, Bloom, Knowledge Advisors, Meeting Professionals International, SAP Education, University Alliance, Worldwide Association of Business Coaches, and more than 25 international partners. The Institutes main office is in Chelsea, Al.