ROAMEF

Question 1

What are the six things captured by ROAMEF?

Answer 1

Rationale,
Objectives,
Appraisals,
Monitoring,
Evaluation,
Feedback.

Question 2

Rationale - Describe what this captures and a few basic examples of rationale for intervention.

Answer 2

A change in PESTLE drivers are often what drive the rationale for intervention. PESTLE drivers are:

Political,
Economic,
Social,
Technological,
Legal,
Environmental.

A few examples are: international trade agreements, regional blocs being formed or breaking apart, technologies that either change or open up a market, etc.

Question 3

Objectives - What type of objectives should be designed? Is there a specific “book” you could look to for this info?

Answer 3

Objectives should be SMART in nature and the short, medium, and long-term should be considered. SMART objectives:

Specific, 
Measurable, 
Attainable, 
Relevant, 
Time-based. 

You could look to the Magenta Book for help on this.

Question 4

Appraisals - This is the chunky step for economists.

There are five broad things to consider, describe them briefly.

Answer 4

Identify and value the costs/benefits of each option.

If required, adjust these values for distributional impacts and relative price movements.

Adjust for time differences in costs and benefits by applying Net Present Value where appropriate.

Adjust for risk and optimism bias when setting out the base case, and consider the impact of changes in key variables.

Consider un-quantifiable costs and benefits (externalities) and how they may impact the rationale for intervention.

Question 5

The Monitoring, Evaluation, and Feedback steps aren’t the most pressing steps for an economist but it serves well to know these steps.

First, briefly describe the Monitoring step.

Answer 5

Monitoring involves the implementation of the policy itself based off the recommendations of the Appraisal step.

While the project is kicked off, Monitoring the project involves capturing data as time goes on to make sure the planned objectives are being achieved and things are on course.

Question 6

Evaluation - briefly describe this step and what it aims to achieve.

Answer 6

Formative evaluation partway through the project can demonstrate the extent to which the project is achieving its aims.

Once delivery is complete, a final complete evaluation is produced in order to build a picture of final outcomes.

Question 7

Feedback - How does this complete the cycle?

Answer 7

This feedback on how well the project went and lesson learned can then help improve the rationale for future projects of a similar nature.