Say what?

Plain English explanations of typical words and phrases used in the industry,
If you’ve heard a word or phrase you don’t know, check to see if it’s on the list below.

Additionality

When an impact arises from an intervention that would not have occurred had the intervention not taken place

Asset lifecycle

The time from when an asset is first conceptualised all the way to the asset’s end of life

Built asset

A catch-all term for buildings, places and infrastructure

Built environment

Places and spaces created or modified by people to serve their needs

Delivery partners

The organisations involved in the delivery of a project or place

Environmental, economic and social wellbeing

The organisations involved in the delivery of a project or place

Existing social value

The existing environmental, economic and social wellbeing of a place before a project is initiated

Gross Value Added (GVA)

A calculation which enables us to understand the impact of employment on the economy.

Infrastructure

Set of physical facilities and systems that support the functionality of society

Key Performance Indicator (KPI)

A specific activity that is measured/reported on.

KPI Value

What a specific activity is worth in monetary terms.

Local Multiplier 3 (LM3)

A calculation which enables us to understand the impact of spend on the economy.

Materiality

The quality of being relevant or significant

Outcomes

The consequences of interventions or measures

Quality of life

The standard of life experienced by an individual or group

Social Return on Investment (SROI)

A calculation which enables us to understand the impact of employment on the economy.

Social Impact

The effect on people and communities.

Social Return on Investment (SROI)

A calculation which enables us to understand what social impact is being created.

Social value outcomes

Outcomes which improve the quality of life of people

Social Value Ratio

Reveals how much social value is being delivered for every £1 spent.

Stakeholder needs

The attributes found to be lacking in existing environmental, economic and social wellbeing of identified stakeholders which could be capitalised on to improve the quality of life

Supply chain stakeholders

The people working in the organisations connected to a project and the people impacted by the operations of those organisations