Cedefop's third research report "The value of learning evaluation and impact of education and trainig" adresses the contribution of education and training to realising a knowledge-based society. It specifies the material and non-material benefits of learning for individuals, enterprises and society as a whole. It also discusses ways of improving the design and implementation of education and training by purposeful evaluation. The report allows the reader to gain an overview of : the main functions and uses of evaluation, their philosophies and theories; quantitative methods for evaluation and impact research at micro and macro level as well as methods of qualitative inquiry and their application in evaluation; tools and approaches for evaluating and comparing education and training systems, for accompanying the implementation - and assessing the outcomes - of programmes and reforms, illustrated by case studies; impact research, quantifying the material and non-material benefits of education, training and skills at macro level of nations and regions, their contribution to enterprise performance and their influence on individuals' biographies and careers.