According to a newly released study from NIST, the benefit-to-cost ratio of a performance excellence program (like Baldrige) is 820-to-1.
In their research, economists Albert N. Link, and John T. Scott (University of North Carolina, and Dartmouth College, respectively) used their economic tools to measure the net social value of the Baldrige Performance Excellence Program.
Their key findings:
- In 2001, when this study was first performed, the net social value of the performance excellence program had been found to be 207:1.
- Ten years later, with the expansion of the program to include healthcare, education, and the not-for-profit sectors, the value has grown to 820:1.
You can read the entire report and its findings here.
BOTTOMLINE: In benefit-to-cost ratio of implementing any kind of program should always be researched and tracked. The fact that a total performance excellence program offers upwards of a 820:1 benefit ratio, should open some eyes. If you're serious about your commitment to performance excellence, and you want to accelerate your Baldrige journey, contact the senior professionals at Six Disciplines, who can show you how.
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