Joondalup Performing Arts and Cultural Facility – Social Return on InvestmentCity of Joondalup | 2016
- Socio – Economic and Demographic Analysis
- Economic impact Assessment
- Impact Measurement Model Development
- Strategic Alignment
Pracsys was engaged by the City of Joondalup to undertake a Social Return on Investment Analysis (SRIO) for the proposed Joondalup Performing Art and Cultural Facility. This analysis was requested to support the City in a funding application under the National Stronger Regions Fund (NSRF).
We began our analysis by undertaking a detailed demographic analysis and comprehensive literature review to identify the potential social benefits of the project. Based on our research we produced a theory of change model to estimate the impact of the project on resident behaviour. Financial proxies were then used to monetise the predicted social benefits the project may accrue. Lastly, these benefits were incorporated into a holistic cost-benefit analysis.
Our research provided evidence-based justification for the project and addressed the NSRF criteria, delivering a compelling argument for funding. Our research also provided the basis for the ‘Cultural Ecology Model’, a method for establishing the way in which artistic and cultural attendance and outputs drive innovation, economic success, and positive social outcomes.