Every day, thousands of Americans apply for new credit cards, loans, and mortgages.  In the decision-making process, banks use one number to review a person’s financial history and assess their likelihood to pay off debt: a credit score. Similarly, other industries are striving to mimic this approach by using algorithm-based data to predict future outcomes in various settings.

Enter Mission Measurement.        

Mission Measurement CEO Jason Saul and the architect of Pandora ’s Music Genome Project, Nolan Gasser, have designed the Impact Genome Project, which seeks to assess philanthropic program outcomes based on the composition of a program’s design.

The primary focus of the initiative is to analyze a set of factors about a social impact program. Using the information Mission Measurement collected from program evaluations, Saul developed a database consisting of 77,000 different data points. Mission Measurement began classifying the information and identified through their analysis that approximately 130 social outcome types exist. Subsequently, this data will be used to gauge programs.

For example, in an analysis of STEM (Science, Technology, Engineering and Mathematics) grants, companies gained insight into how efficiently their investments impacted participants. With a focus on gauging programs by the likelihood they will achieve a particular outcome rather than via heterogeneous throughput metrics, Mission Measurement is able to create a standard for articulating and benchmarking program efficacy.

Similarly, other industries are now using algorithms to identify outcomes and forecast behavior. Take for instance the exploding trend of wearing devices to measure biometrics, such as fitness activity, sleep patterns, and calorie intake. With the ability to monitor these types of metrics, physicians and health insurance companies will have the ability to predict health outcomes and behaviors.

Mission Measurement is pioneering the movement for change with the Impact Genome Project. Other organizations such as Charity Navigator are making strides with their efforts to evaluate philanthropic programs; however, Mission Measurement’s methodology is unique in how they use predicative analytics to measure success. Ultimately, recognizing these valuable pieces of data will arm companies and nonprofits with smart, innovative tools to invest their money.

Source: www.forbes.com