Quantitative analysis of the value of investment in research facilities, with examples from cyberinfrastructure

TL;DR

This paper reviews established and new quantitative methods for assessing the value of investments in research facilities, especially cyberinfrastructure, demonstrating their importance for strategic decisions and societal value justification.

Contribution

It introduces and discusses quantitative techniques for evaluating research facility investments, with examples from cyberinfrastructure, highlighting their application in economic and societal impact assessment.

Findings

Most cyberinfrastructure investments show positive economic and scientific returns.

A comprehensive assessment indicated societal benefits exceeded costs for a major project.

Quantitative methods provide a fact-based foundation for research and education value discussions.

Abstract

Purpose: How much to invest in research facilities has long been a question in higher education and research policy. We present established and recently developed techniques for assessing the quantitative value created or received as a result of investments in research facilities. This discussion is timely. Financial challenges in higher education may soon force difficult decisions regarding investment in research facilities at some institutions. Clear quantitative analysis will be necessary for such strategic decision-making. Further, institutions of higher education in the USA are currently being called on to justify their value to society. The analyses presented here are extendable to research enterprises as a whole. Results: We present methods developed primarily for analyses of cyberinfrastructure. Most analyses comparing investment in university-based cyberinfrastructure facilities with purchasing services from commercial sources demonstrate positive results for economic and scientific research. A recent assessment, based on a comprehensive accounting approach, has shown that for one large publicly funded cyberinfrastructure project the value delivered to the USA economy and society exceeded the cost to USA taxpayers. Conclusions: Quantitative analyses of the benefits of investment in research and research facilities create a fact-based foundation for discussing the value of research and higher education. These methods enable a quantitative assessment of the relationship between investment in specific research facilities or research projects and economic, societal, and educational outcomes. These methods are of value in quantifying the economic benefit of higher education and in managing investments within such institutions.