A focus on results is at the heart of FIRST’s operations. FIRST aims to develop a Results Measurement Framework that adds value to throughout the project life cycle (see diagram below). It envisions that Results Measurement will become (i) a management tool; and (ii) a communication tool and thus promoting accountability, transparency and supporting knowledge sharing among the financial sector development community. FIRST's Results Measurement Specialist works with Task Team Leaders and Clients throughout the Project Life Cycle to assure that development results are properly planned, collected, and communicated.
The Results Chain visualizes the hypothesis of the intervention and requires Task Team Leader (TTL) to articulate the expected changes in a logical sequence from Outputs to Immediate and Intermediate Outcomes, and to longer-term results, Impacts at the Financial Sector Level, as a result of the intervention. The Results Chain is jointly developed by the M&E Officer, the Project Officers and TTLs for every project/program. The application of the Results Chain in every project does not mean that every project has to link unreasonably to Impacts. In some cases such as projects with technical advice in developing a strategy without implementation supports, “reforms catalyzed” is the highest results that TTL can claim as a direct contribution.
Results Monitoring Plan
Once TTLs agree on the Results Chain, they move to developing the Results Monitoring Plan. Basically, TTLs have to select indicators, put in baselines, set targets, and specify data sources or collection methods, and assumptions. This Results Monitoring Plan guides the future assessment at project’s completion and post-completion stages.
In cases where baselines are not readily available, TTLs should incorporate the need of having baselines in the consultant’s works because very often the first thing that the consultant has to do is to review the current status, gaps before developing solutions.
Setting targets for Outputs and Outcomes is within TTLs’ accountability so it is mandatory. Setting targets for Impacts is more challenging because it depends on the nature of intervention that defines the level of Project’s contribution. Where possible, FIRST will work with TTLs and Technical Advisors to have the targets set for Impact Level.
NOTE: This Results Monitoring Plan will be used to track annual data for Programs under Programmatic Window.
At completion stage, a survey is sent out to Clients for feedback on the TA quality, relevance, responsiveness of WB Staff and its consultants, as well as changes made or to be made by the Clients and potential follow-up.
As most of FIRST projects end when the Outputs are delivered, and by that time, most of Outcomes is not materialized therefore Post-Completion Monitoring is needed. Post-Completion Monitoring will be conducted for every project. Details of Post-Completion Monitoring are below:
- Timing: 6 months from Project’s Completion Date.
- Objectives: to collect outcomes data, to understand why outcomes have not happened, to develop lessons learned, to identify potential TA needs.
- Data Collection Methods: review deliverables, interview TTLs, Clients, and conduct desk research if needed.
- Data Reporting: Findings will be used to inform KM works and will be reported in Operations Reports to donors.
- Responsible by: FIRST’s M&E Officer.