This technical note introduces students and practitioners to the frameworks, methodologies, and tools that support effective impact measurement and management (IMM) within social enterprises and impact investing. Using the five dimensions of impact developed by Impact Frontiers—What, Who, How Much, Contribution, and Risk—the note explains how organizations can rigorously assess their social and environmental interventions beyond simple outcome tracking. It explores foundational standards such as the United Nations Sustainable Development Goals and the IRIS+ metrics catalog while addressing real-world challenges like data quality, counterfactual estimation, and risk assessment.

By presenting both conceptual foundations and applied examples, this note emphasizes the importance of balancing quantitative metrics with stakeholder engagement and contextual understanding. It critiques the limitations of oversimplified narratives and encourages continuous impact evaluation throughout the life cycle of an intervention. Ideal for courses on impact investing, sustainability, or nonprofit management, this technical note equips readers to make informed, evidence-based decisions that maximize positive impact and mitigate harm. As there is substantial overlap between impact measurement and management and theories of change, we recommend reading the technical note “Impact Theory of Change” (UVA-E-0522).