Eight steps to building a case for investment
The following basic eight steps, complete with tools and instructions, will help guide CBWM groups through a value-based process to generate a CBWM Case for Investment. The approach is a participatory, multi-method evaluation that requires working with the affected parties to:
- Identify affected values and structure them into a logical and comprehensible evaluation framework.
- Characterize the changes that have occurred from the program in relation to these values, and then measure these changes.
- Elicit value judgments about the relative importance of these changes, in order to establish cost and benefit value weights that reflect their relative importance.
- Use the value weights and well-defined dollar measures to translate identified non-market changes in value into dollar values.
Once completed, the compiled work can effectively communicate the benefits and the Case for Investment to a wide range of audiences, including funders and potential partners.
| Step | Description | Example methods |
| Step 1: Case for Investment project scoping | Clarify the purpose and scope of the Case for Investment Identify the target audience for your Case for Investment and the affected parties to engage with Establish a workplan and the assessment period | Desktop research and literature review – internal and external to the CBWM programInterviews with coordinators and supporters, past and present |
| Step 2: Understand the context | Define what is being valued: establish CBWM program objectives, inputs, structure and activities | Desktop research Interviews and workshops with stewardship directors, program managers and CBWM members Interviews with coordinators and supporters, past and present |
| Step 3: Identify and characterize net costs and benefits | Elicit values and identify what matters to those affected by the CBWM programs to understand positive benefits and adverse impacts | Interviews, focus group sessions, and workshops with stewardship groups, program managers and CBWM membersInterviews with coordinators and supporters, past and present Benefits-values mapping |
| Step 4: Measure the changes | Determine the extent of the changes on identified values Create measures (descriptive scales, proxy, and natural) for the changes | Focus group sessions and workshops with stewardship directors, program managers, and CBWM membersDevelopment of measures and scales for values identified by participants |
| Step 5: Value the changes / benefits | Establish the relative importance of the changes from the perspective of those affected | Interviews and workshops with stewardship directors, program managers, and CBWM members Interactive, participatory evaluation using multiple methods (i.e., direct ranking, swing weighting, point allocation, reconciliation) to assess the relative significance of the changes |
| Step 6: Calculate the overall return on investment | Calculate the value of the changes across multiple dimensions of value in dollars terms Compare to the investment | Use the benefit measures and well-defined dollar measure associated with financial or economic benefits to translate, into dollar terms, the value of change. Calculate overall value generated |
| Step 7: Validate Results | Assessing the defensibility and accuracy of the results. Verify that the data, assumptions, calculations, and conclusions are reliable and trustworthy. Ensure that the findings can be used with confidence by stakeholders and decision-makers. | Peer review. Consulting with stakeholders, including beneficiaries, funders, and other relevant parties.Sensitivity analysis to assess the impact of uncertainty on the results and provide insights into the reliability of the findings. Expert review to assess the methodology, assumptions, and calculations and provide feedback on the credibility of the analysis. |
| Step 8: Communicate | Synthesize the program evaluation and present key findings | Produce a written report and community summaries for each participating community that can be shared at conferences and meetings |