What does ODV mean in LABORATORY

Optimised Deprival Value (ODV) is an approach used to evaluate the benefits derived from social investments, such as projects or programmes. ODV quantifies the value of benefits that could be lost when a certain project or programme is not approved and implemented. In short, ODV answers the question ‘what is the potential gain’?

ODV takes into account various tangible and intangible factors, such as non-monetary factors like improved health outcomes or reduced environmental risk. It also assesses how much benefit would be lost if a particular project or programme were not implemented.

When calculating ODV, numerous factors must be considered including opportunities for financial returns, reduction in unemployment rates, improved quality of life, promotion of lifelong learning and skills development, and improved public infrastructure.

Decision-makers can use social investment to evaluate potential projects and programmes in order to determine whether they are worth pursuing based on their potential benefit or cost. With all relevant information taken into consideration via ODV analysis, social investments can be accurately weighed against one another in order to determine which will provide more value to society.

Generally speaking, any type of project that carries an element of risk can potentially benefit from an evaluation through ODV. This includes public infrastructure projects such as transport improvements, but also private sector investments such as those related to renewable energy production.

A wide range of professionals specialising in quantitative aspects carry out assessment using this approach - economists being amongst them. Typically public agencies may employ specialists in this field to help them determine whether particular projects will yield significant benefits compared with their costs over a specified period of time.

This depends on many factors including complexity and availability of data required for assessment; however, most assessments should take no longer than few weeks under normal circumstances. For complex assessments involving thousands of variables or large databases it could take months instead.

Professionals commonly use computer models which simulate different scenarios and allow decisions makers to look at different possibilities within each proposed plan before making any final decisions. Such models are able to capture both tangible and intangible elements that might decide if a plan is worth investing in.