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Dec 2, 2023 · Value for money is the amount of use you get out of something for each dollar of spend. The following are illustrative examples of value for money.
The Cambridge Dictionary has the following definition of the term “good value for money”: “If something is good value for money, it is of good quality or there is a lot of it so you think the amount of money you spent on it was right.”.
This article discusses the concept of value for money, and how it can be used to measure performance in not-for-profit organisations. The article uses a past exam question (from the September/December published sample questions) to illustrate this.
There is no universal definition for value for money (VfM) and government organisations have used a range of definitions that emphasise minimising wastage, delivering outputs, achieving outcomes, improving equity, and/or maximising outcomes for a given cost. We define VfM as good resource use.
Value for money (VFM) is not about achieving the lowest price. It is about achieving the optimum combination of whole life costs and quality. Traditionally VfM was thought of as getting the right quality, in the right quantity, at the right time, from the right supplier at the right price.
Jan 30, 2024 · The time value of money is a financial principle that states the value of a dollar today is worth more than the value of a dollar in the future. This philosophy holds true because...
OPM's approach to assessing value for money. A clear and well-informed guide to evaluating value for money which addresses important issues including the limitations of using indicators epsecially for complex interventions, and the need to address unintended impacts and complicated causal contribu.
