In the world of project undertakings, one of the most significant areas of assessing position and substantiality is conducting Impact Evaluation Studies.
Impact Evaluation Studies are a broad spectrum formed by deeper branches like Impact Assessment Study of Corporate Social Responsibility.
An evaluation study calculates and assesses how any intervention yields the goal. Whether the evaluation of any intervention performed is affecting the outcomes of the project, whether these outcomes are the intended ones or unintended, and how the goals are being affected is aimed to derive from an impact evaluation study.
Among many other important tenets, one of the pivotal areas of a clean and accurate goal analysis and evaluation requires the presence of a “counterfactual” force against what any outcomes could have had the intervention not been present.
Before examining what must be included in an Impact Evaluation Study, we need to understand when an IES is required because not all interventions require IEVs. The primary requirement should be to create a solid evidence base for numerous sectors to guide policymakers. Impact Evaluations are particularly useful in the case of:
Scaling up pilot programs.
Selecting a proper evaluating approach.
Interventions with strong evidence of contextual impact, among others.
Apart from freeing any organisation or project undertakers from the liberty of curbing rules and binding of an external force of regulation and giving the group the responsibility of self-monitoring, Impact Assessment Studies also serve the purpose of accountability as well as lesson learning. A finely built Impact evaluation study can determine whether a given programme is proving to be functioning and operational and thereby help tell us whether any form of scaling up or down is required. It also shows a direct image of how yielding or unyielding a particular program is to society.
This brings us to the pivotal binary of what any Impact Evaluation study must include and be a brainchild of Corporate Social Responsibility, aka CSR.
Any Impact assessment study branches from the need for CSR projects or foundations and is usually sponsored by it. This comes from the basic principle of CSR Studies. Corporate Social Responsibility is largely a business model or ideology that helps a project, group or company to be the decision-makers of their social accountability towards themselves and the society they work within.
Usually, there are four main components of a CSR program: financial responsibilities, ethical responsibilities, environmental responsibilities and philanthropic endeavours and responsibilities. Hence, Impact Assessment studies are a result of CSR investments very often. CSR studies help us know how the self-regulation of any private business can contribute to societal, environmental, legal and ethical benefits of society. It is also helpful for the reach and growth of a firm, all having volunteers, supportive, or ethically oriented practices. Any good CSR scheme aims to maximise value among society, members of the community, shareholders, organisations, employees and customers.
Therefore, Impact Evaluation Study must include impact assessment studies and Corporate Social responsibility. Any social development sector, NGOs, and corporations, to make a worthwhile contribution and yield a strong impact, must ensure the inclusion of well-researched CSR funding, progress tracking and assessments.
Nowadays, more and more software platforms are coming up to focus solely on CSR Impact assessments with customisations completing the cycles of any project, monitoring and evaluation spaces, helping corporate sectors to assess their placement in the industry at the click of a single button.
The focal intent should be to create a graph that ensures we are moving towards honest and sustainable changes for the betterment of the community. It is a must to include experts with knowledge of the project workings in impact studies to yield maximum CSR investments and initiatives.
Course correction, competency evaluation, progress charts, engagement, replicability, sustainability, time linearity, and investment parallels are some major elements to be included in CSR Impact assessment studies for an overall Impact Evaluation. Choosing frameworks is also of massive significance in correctly functioning a CSR Assessment. For example, OECD (Organization for Economic Cooperation and Development) is a widely used framework.
In the present market milieu, problem-solving is a must for firms or project undertakers, whether on a global scale or a community scale. Hence, to ensure a project’s relevance and sustainability, an Impact Evaluation must include and be a concurrent result of an impact assessment study stemming from a solid Corporate Social Responsibility program.
With an experience of more than 10 years in this field, SoulAce uses an efficient and effective review, confirm and report system to ensure your funds are utilised correctly. The key benefits of our approach lie in implementing Regulatory Compliance involving your CFO and Board, Assurance through NGO Transparency & Accountability, and CSR Board Decision Making. These audits allow you to develop a long-term CSR vision and strategy for maximum reward to all parties.