Based on the experience of developing and implementing a cooperative study of the economic impact of Oregon's community colleges, this guidebook describes the process of conducting the study in order to assist institutions planning to undertake similar investigations. In Part I, the purpose, focus, and scope of the Oregon study are reviewed, and the possible advantages and disadvantages considered prior to its implementation are cited. Key factors in the early planning phase are examined in part II, including sponsors, staff enthusiasm, scheduling, control and coordination, and team selection. This section also identifies hindrances encountered during the study, including insufficient lead time; disagreement about economic impact models; and the outdatedness and limited applicability of existing models. Part II concludes by discussing options for further studies. Part III details study methodology, focusing on initial planning at state and college levels, data collection and processing, and final study review by a consortium of college representatives. Part IV discusses the dissemination of study findings through press releases, in-house publications, other college informational materials, and reports to college boards. This section also cites the study's achievements in supporting and defending the community colleges, creating a case study procedure, and establishing a cooperative model for Oregon community colleges. Appendices include a bibliography, survey instruments, and informational materials. (KL)