Economic Development Investment Strategy - City of Las Vegas

C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y
Performance Measures
An important piece of any strategic plan is developing the metrics by which the success of the plan’s implementation will be
measured and tracked. The types of performance measures normally established and used by organizations include:
Input measures, which identify the amount of resources needed to provide a particular product or service, including
labor, materials, equipment, and supplies;
Output measures, which represent the amount of products or services provided, and focus on the level of activity
involved in providing a service or making a product (workload measures are one of the most common type or output
measures);
Efficiency measures, also known as productivity measures, which reflect the cost of providing products or services,
either in terms of dollars or time;
Quality measures, which reflect the effectiveness in meeting the expectations of customers and stakeholders in
providing a service or product, and can include reliability, accuracy, courtesy, competence, responsiveness, and
completeness associated with the product or service provided; and
Outcome measures, which reflect the actual results achieved with a service or a product.
To assess the economic health of Las Vegas, TIP recommends EUD focus on tracking outcome measures. Outcome measures
are the true indicators of a program’s effectiveness. They are broadly defined by various authoritative publications on the subject
as “benefits or changes for participants occurring during or after their involvement with a program.” Successful outcomes
concentrate on changes in the lives of clients.
While it is difficult to directly connect the success of the economic development plan to certain economic statistics at the local
level (e.g., median household income), tracking such indicators does provide a general understanding of the relative economic
vitality of Las Vegas.
In addition to the business and project development measures assigned to EUD within its 2012 Strategic Business Plan, TIP is
proposing the department measure and track the following economic indicators as a measure of overall economic vitality in Las
Vegas.
Suggested Metric
Data Source
Number of business site visits
Number of jobs created
Number of jobs retained
Annual unemployment rate
Private non-farm employment
EUD records
Business interviews, surveys, media, and
business license records
Business interviews, surveys, media, and
business license records
Nevada Department of Employment, Training &
Rehabilitation
Nevada Department of Employment, Training &
Rehabilitation
T I P S t r a t e g i e s | T h e o r y I n t o P r a c t i c e P a g e | 43