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KNOWLEDGE FOR MANAGING AUSTRALIAN LANDSCAPES

KNOWLEDGE FOR MANAGING AUSTRALIAN LANDSCAPES. EVALUATING AN APPLIED RESEARCH PORTFOLIO Peter Chudleigh Stuart Pearson Nick Schofield Sarah Simpson. OVERVIEW. 1 . Approaches to R&D evaluation 2. LWA’s achievements 3. Lessons learnt and future challenges.

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KNOWLEDGE FOR MANAGING AUSTRALIAN LANDSCAPES

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  1. KNOWLEDGE FOR MANAGING AUSTRALIAN LANDSCAPES EVALUATING AN APPLIED RESEARCH PORTFOLIO Peter Chudleigh Stuart Pearson Nick Schofield Sarah Simpson

  2. OVERVIEW 1. Approaches to R&D evaluation 2. LWA’s achievements 3. Lessons learnt and future challenges

  3. APPROACHES TO PORTFOLIO EVALUATION • Rationale for Evaluation • Historical Portfolio Evaluation Using Investment Analysis • Two approaches to Historical Portfolio Evaluation

  4. LWA ACHIEVEMENTS (1) • Earlier evaluation activities by LWA • Development of a Portfolio Evaluation Framework Utilising Cost Benefit Analysis

  5. LWA ACHIEVEMENTS (2) • Evaluation costs over 7 years of about $350,000 (about $50,000 p.a or about 0.4% of LWA appropriation income p.a.) • Based on 39 case study evaluations carried out over 7 years for investment in 641 projects spanning 1991 to 2008 • Approach featured: - an innovations data base, - scanning before selection, - transparency in assumptions, - consistency and consultation, - continuous improvement, and - integratable cash flows allowing investment by time period

  6. LWA ACHIEVEMENTS (3)Eight purposes of selected approach • Construct a performance narrative and identify benefits in a triple bottom line framework • Provide quantitative investment analyses for each case study that when combined could provide an indication of the overall portfolio return • Provide case studies for communication material and to illustrate LWA’s effectiveness and its strategic role • Assess rate of return for LWA over different time periods

  7. LWA ACHIEVEMENTS (4) Eight purposes of selected case study approach (contd) 5. Compare the rate of return with other RDCs 6. Assist with developing and improving the valuation of non-market benefits 7. Provide lessons learnt from the success of innovations, particularly regarding factors affecting adoption 8. Strengthen adoption information and its understanding and identify potential for monitoring

  8. LWA ACHIEVEMENTS (5) Number of Benefits Identified and Valued

  9. LWA ACHIEVEMENTS (6) Investment Criteria for LWA investment

  10. LWA ACHIEVEMENTS (7) Seven investments ranked by ‘All Investment’ NPV

  11. LWA ACHIEVEMENTS (8) Seven investments ranked by ‘B/C Ratio for LWA Investment’

  12. LWA ACHIEVEMENTS (9) LWA B/C Ratio Over Time For five-year periods ending June 1995 to 2009

  13. LESSONS LEARNT – PROCESS • If using a selected sample, use consistent screening methods • Best to use a consistent investment unit of evaluation • Good baseline information required for the counterfactual • Need better evidence of adoption and linkages to benefits (causality and attribution) • Monitoring return to investment over time is feasible • Art vs science – make more use of expert panels

  14. LESSONS LEARNT AND FUTURE CHALLENGES –INSTITUTIONAL • Random versus selected sample • Commitment by funding organisation is essential • Keep the win-win approach • Joint evalautions in future

  15. CONCLUSIONS • A consistent, continuous and transparent evaluation framework was achieved that was multi-purpose • Contribution to corporate memory in the NRM area • Valuable lessons learnt for future portfolio evaluation for others • More willingness to pay and benefit transfer studies • More expert panels in assigning causality • If LWA can to it for an NRM portfolio, productivity oriented portfolios should be easier

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