A ROI approach for public good research investment and partnerships
The former Queensland Chief Scientist, Professor Hugh Possingham, prepared a paper on a return-on-investment (ROI) approach for public good research investment and partnerships by the Queensland Government.
This approach includes a multicriteria optimisation analysis by which all investment decisions can be objectively appraised using sound principles which give a greater chance of positive outcomes.
Professor Possingham advises this approach will help identify the most effective research and the highest priorities for funding which are likely to cost-effectively deliver outcomes for Queenslanders – across health, jobs, safety, the environment, equity, and economic diversity and resilience in a timely fashion –above and beyond what would have happened otherwise.
The algorithm and rationale developed by Professor Possingham should help to codify the process of making investment decisions, to limit subjectivity, and to focus on the issues of most importance to deliver scientific impact.
This investment tool should facilitate good decision-making across the whole-of-government and is consistent with, and complementary to, the REDS decision rules for investment in research and development to ensure targeted and impactful resource allocation – Real future impact, External commitment, Distinctive angle, and Scaling toward critical mass.