Green Bank Academy - Objective Function

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Information about Green Bank Academy - Objective Function
Business & Mgmt

Published on February 19, 2014

Author: reedhundt



An objective function is a quantitative metric that captures the desired program outcome, which a Green Bank seeks to maximize. Every green bank must have a clearly defined objective function in order to define goals, track progress, design effective programs.

The Objective Function Tracking Program Performance and Aligning Outcomes with Strategic Goals

Objective function measures program performance, aligns programs, goals Objective Function A quantitative metric that captures the desired program outcome, which a Green Bank seeks to maximize. • Purpose of objective function is to clarify what you are trying to accomplish • Must be a formula that enables you to focus on maximizing a particular outcome • Objective function aligns program with strategic goal 2

Objective function is maximize clean energy per dollar Clean Energy Produced or Energy Saved Dollars Spent, Held, Financed • Generate/save more energy, objective function goes up • Spend fewer public dollars, objective function goes up X kWh produced $1 at Risk or Y MMBtu’s or $Y saved $1 at Risk 3

CEFIA residential solar objective function increasing over time Total CEFIA solar incentive dollars and annual kwh per dollar 4

Quantitative tracking enables green bank management • Design programs aligned with green bank goals – Provides guideposts that help program managers ensure all elements are oriented toward a unifying goal • Measure program outcomes, effectiveness – Serves as a measurement tool to track program success over time and compare effectiveness between programs • Make informed decisions about dollar allocations – Shows how dollars should be used within a product structure or between products to maximize the desired goal 5

Compare programs across organizations • CEFIA can demonstrate that its program was far more efficient than the utility-run REC program 6

Objective function tracks progress and compares program effectiveness • Only by tracking program performance can a green bank know if it is meeting strategic goals • Objective function is easily-understood ratio that shows how much clean energy you get per dollar • Can be used to compare performance of programs and guide decisions for allocating dollars 7

Green Bank Academy Washington, DC February 6-7, 2014

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