Guidance on Evaluating Quality and Determining Return on Investment for Internal and Third-Party Data Research Project

Van Dyke, Rebecca; Kahl, Donner; Egge, Mark; Gonzalez, Isaac

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Guidance on Evaluating Quality and Determining Return on Investment for Internal and Third-Party Data Research Project

2024-12-01
By Van Dyke, Rebecca ; Kahl, Donner ; Egge, Mark ; ...

File Language:

English

Details

Creators:

Van Dyke, Rebecca ; Kahl, Donner ; Egge, Mark ; Gonzalez, Isaac
Corporate Creators:

High Street Consulting Group (HSCG)
Corporate Contributors:

Idaho Transportation Department. Highways Construction and Operations, Contracting Services, Research Program ; United States. Department of Transportation. Federal Highway Administration
Subject/TRT Terms:

Benefit Cost Analysis Data Assets Data Investment Data Management Data Quality Decision Making Evaluation Quality Control Return On Investment
Publication/ Report Number:

FHWA-ID-24-307
Resource Type:

Tech Report
Geographical Coverage:

United States
Edition:

Final Report: 01/02/2024 – 12/31/2024
Corporate Publisher:

Idaho Transportation Department
Abstract:

ITD recognizes the challenge of selecting the best approach to making decisions around which data products are worth investing in and which ones may appear promising on the surface, but actually add little value to the agency’s business processes. In light of these challenges, ITD launched a research project to explore methods for evaluating the return on investment (ROI) of different data investment opportunities to aid in their decision-making processes. The goal of this research was to create both processes and tools that will enable ITD to make more standardized, objective decisions around data investments. This report covers the research findings that informed the development of two new data asset evaluation tools that ITD can use to vet data investment opportunities, avoid the potential data purchasing pitfalls, and present comprehensive documentation that thoroughly substantiates a decision to move forward with (or rule out) what can be significant resource outlays.
Format:

PDF
Collection(s):

US Transportation Collection
Main Document Checksum:

urn:sha-512:a5be8c0f71a7fe49f0a29f4a331beecb738966f1db8eb6d3d8a3ce656cdcc7097350a7b56b025dc38b84252495f5ec853a668ed1dc685229b071ac20cf8351b0
Download URL:

https://rosap.ntl.bts.gov/view/dot/90130/dot_90130_DS1.pdf
File Type:

[PDF - 3.65 MB ]

File Language:

English

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