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Value For Money

 

The Concept of Value for Money (VFM) in everyday life is easily understood: not paying more for a good or service than its quality or availability justify. In relation to public spending it implies a concern with economy (cost minimisation), efficiency (output maximisation) and effectiveness (full attainment of the intended results). But what values are realised by the activities of public sector organisations? Whose values are they and how are they to be measured? The practical conclusion is that policy makers must frame precise aims so that at least there are some criteria with which to compare results.