Priority Investment Rating
Town of Westfield, New Jersey
The Priority Investment Rating (PIR) was developed by ETC Institute to provide governments with an objective tool for evaluating the priority that should be placed on parks and recreation investments. The Priority Investment Rating was developed by ETC Institute to identify the facilities and programs residents think should receive the highest priority for investment. The priority investment rating reflects the importance residents place on items (sum of top 4 choices) and the unmet needs (needs that are only being partly or not met) for each facility/program relative to the facility/program that rated the highest overall. Since decisions related to future investments should consider both the level of unmet need and the importance of facilities and programs, the PIR weights each of these components equally.
The PIR reflects the sum of the Unmet Needs Rating and the Importance Rating as shown in the equation below:
PIR = UNR + IR
For example, suppose the Unmet Needs Rating for walking & hiking trails is 100.0 (out of 100) and the Importance Rating for walking & hiking trails is 100.0 (out of 100), the Priority Investment Rating for walking & hiking trails is 200.0 (out of 200).
How to Analyze the Charts:
The PIR reflects the sum of the Unmet Needs Rating and the Importance Rating as shown in the equation below:
PIR = UNR + IR
For example, suppose the Unmet Needs Rating for walking & hiking trails is 100.0 (out of 100) and the Importance Rating for walking & hiking trails is 100.0 (out of 100), the Priority Investment Rating for walking & hiking trails is 200.0 (out of 200).
How to Analyze the Charts:
- High Priority Areas are those with a PIR of at least 100. A rating of 100 or above generally indicates there is a relatively high level of unmet need and residents generally think it is important to fund improvements in these areas. Improvements in this area are likely to have a positive impact on the greatest number of households.
- Medium Priority Areas are those with a PIR of 50-59. A rating in this range generally indicates that there is a medium to high level of unmet need or a significant percentage of residents generally think it is important to fund improvements in these areas.
- Low Priority Areas are those with a PIR below 50. A rating in this range generally indicates that there is a low level of unmet need and residents do not think it is important to fund improvements in these areas. Improvements may be warranted if the needs of very specialized populations are being targeted.