A cross-impact matrix can provide a systematic way to evaluate various economic development programs according to defined goals. Use of this method can aid in determining the most effective program(s) for your community.
A matrix chart is utilized to list the economic programs in the left column and various economic development goals across the top. For each program, a perecentage rating is given to each goal based on how well that program would satisfy that goal. A program that satisfied a goal completely would get a rating of 100 (or 100 percent satisfaction). Most goals would only partially satisfy a goal, and a corresponding value would be inserted. (For further refinement, the goals can be "weighted." For example, a goal may be determined to be twice as important as other goals, and the matrix box for that goal should be multiplied by 2 for all programs.)
When the matrix boxes have been filled in, the numbers for each program are added together and the sum placed to the right of the matrix. These sums are compared, and the programs with the highest totals are assumed to offer the most overall benefit to the community.
A cross-impact matrix is a subjective analysis. Users select the list of programs, determine the goals, and set the percentages as they see fit. Although this leaves much to the descretion of the user(s), and thus is subject to significant bias, it can also provide a systematic method for reviewing various programs according to goals set beforehand. As such, it should be considered just one of a number of tools to be used in establishing a successful economic development program for a given community.
(An example of cross-impact analysis will be put in this space in the near future.)
| Economic development | Economic development strategies |
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