Economic Development Success Equation

August 11, 2010 at 10:44 am Leave a comment

Economic Development Success = f (A, V, P, R, B)
  • A: A set of attitudes, core values and principles that shape the culture of an organization and define the character of its leaders.
  • V: A compelling vision of an exciting future. The vision gives focus and direction to planned efforts, while challenging, motivating, and uniting team members.
  • P: An action plan that is designed to guide the process as the vision is pursued.
  • R: A set of resources that are needed to implement the plan.
  • B: A set of outcomes that benefit all those involved in the process and other stakeholders.
A mathematical way to express the above generalized formula follows: Economic Development Success = (A x V x P x R x B)
This shows that the variables in the equation compound. No progress can occur unless all variables are positive.
Source: David L. Darling, Cooperative Extension Service, Kansas State University

Entry filed under: Economic Development Performance Measures. Tags: , , .

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