ABSTRACT
This chapter serves the purpose of establishing a comprehensive definition of the concept of social impact, intending to be a guiding and overarching theme for the subsequent chapters. After conducting a thorough literature review, the authors have observed that social impact can manifest in either a positive or negative manner, and it may be direct or indirect in its effects. The initial segment of the chapter is dedicated to providing a crucial literature review, addressing key challenges in the field of social impact. Within the literature, commonalities have been identified that contribute to the foundational understanding of social impact. Moreover, the chapter introduces the concept of an impact value chain to further illuminate the intricacies involved. The diverse range of definitions pertaining to social impact has not only shaped but also diversified the approaches taken to assess and measure it. This diversity is reflected in the multitude of methods outlined in the final section of this chapter for quantifying social impact.
