3. Social Value
3.1 Social value is concerned with the use of evidence by assigning a monetary value to social impact. It is underpinned by understanding social, economic and environmental impact including evidencing the value this creates for people, communities, businesses and economies (summarised from the Public Services (Social Value) Act 2012).
3.2 Community benefits clauses have been considered as part of public service arrangements in Scotland for some time, and legislation was created by the implementation of the Procurement Reform (Scotland) Act 2014, which, like its English equivalent, the Public Services (Social Value) Act 2012 , places an obligation on public sector bodies to seek best value while awarding contracts including transferring assets.
3.3 Social Value UK, a professional body for social value and impact management, defines social impact as "changes in people's lives caused by an activity" and social value as "a way of quantifying the relative importance of these impacts that are not already captured in financial or market transactions". Social Value UK
3.4 Various methodologies have been developed over the years to help quantify social value results. There are a range of methods available for measuring social value and the Scottish Government has engaged with those behind the various forms of social impact measurement over a long period of time.
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