d The Group of Eight (G8) refers to the group of eight highly industrialized nations--France, Germany, Italy, the United Kingdom, Japan, the United States, Canada, and Russia—that hold an annual meeting-summit lasts for two days- to foster consensus on global issues like economic growth and crisis management, global security, energy, and terrorism. The Working Group Under the direction of the Social Impact Investment Taskforce, the Impact Measurement Working Group was established, consisting of 24 impact investing and measurement practitioners.
Those who wish to implement impact measurement today face a variety of challenges. In light of this, the Working Group has identified four broad phases of impact measurement: Plan, Do, Assess and Review. Along with insight into the impact that an activity is generating, this process generates intelligence that can further enhance the measurement and investment processes.
In addition, the Working Group has identified seven widely accepted activity guidelines that underlie the four phases of impact measurement. These seven guidelines provide participants with a blueprint for the effective definition, collection and analysis of impact data.
As the G8’s Social Impact Investment Taskforce put it:
“The better we get at measuring impact, the more money will flow into impact investment” (2014).
These guidelines and related actions are dynamic. Performance measurement processes and the outputs of each step will interact and evolve continuously. The sequence, frequency, and timing of each activity will also vary. Implementation of these guidelines will be unique to every organization, as they are likely to have their own measurement goals, resource constraints, and stakeholders to consider. Nonetheless, these guidelines form a good foundation for any impact measurement framework
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