Value for Money

Value for Money

Value For Money (VFM) in International Trade

Meaning of Value For Money (VFM), according to the Dictionary of International Trade (Global Negotiator): A measure of quality that assesses the monetary cost of the product or service against the quality and/or benefits of that product or service, taking into account subjective factors such as fitness for purpose, along with whole-of-life costs such as installation, training, maintenance and disposal, and wastage.

Literature Review on Evaluation: Value for Money Appraisal

In the Encyclopedia of Public Administration and Public Policy, [1] Iqbal Khadaroo and Aminah Abdullah provide the following summary about the topic of Evaluation: Value for Money Appraisal: The objective of this entry is to clarify the multiple meanings of value for money (VFM) and to illustrate how the concept is operationalized when implementing public policies. It illustrates the VFM appraisal of the U.K. government's public–private partnership (PPP) program and discusses some of the difficulties involved in the VFM appraisal process. VFM is an abstract and rhetorical concept that is often used by governments when justifying policy decisions. A VFM appraisal may be defined as an examination to determine whether resources have been used optimally when delivering certain outputs or achieving intended outcomes. VFM audits in the public sector are carried out by parliamentary institutions to investigate the ways in which taxpayers' money has been spent to achieve the government's policy objectives.

Resources

Notes and References

  1. Entry about Evaluation: Value for Money Appraisal in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)

See Also

Further Reading

  • Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)

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