Important concepts/definitions

Social impact: A significant, positive change that addresses a pressing social challenge, as a result of a deliberate set of activities with a goal around generating social impact and a social change. (Source: University of Michigan, Center for Social Impact).

Social impact assessment: The process of analysing, monitoring and managing the intended and unintended social consequences, both positive and negative, of planned interventions (policies, programs, plans, projects) and any social change processes invoked by those interventions. Its primary purpose is to bring about a more sustainable and equitable biophysical and human environment. (Source: International Association of Impact Assessment).

Triple bottom line: An accounting framework that incorporates three dimensions of performance: social, environmental and financial. This differs from traditional reporting frameworks as it includes ecological (or environmental) and social measures that can be difficult to assign appropriate means of measurement.