Value for Money (VfM)
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3Es (and a CE)
[Edit section: Economy] Economy
Are we or our agents buying inputs of the appropriate quality at the right price? (Inputs are things such as staff, consultants, raw materials and capital that are used to produce outputs)
[Edit section: Efficiency:] Efficiency:
How well do we or our agents convert inputs into outputs? (outputs are results delivered by us or our agents to an external party. We or our agents exercise strong control over the quality and quantity of outputs)
[Edit section: Effectiveness:] Effectiveness:
How well are the outputs from an intervention achieving the desired outcome on poverty reduction? (Note that in contrast to outputs, we or our agents do not exercise direct control over outcomes)
[Edit section: Cost-effectiveness:] Cost-effectiveness:
How much impact on poverty reduction does an intervention achieve relative to the inputs that we or our agents invest in it?
[Edit section: Links] Links
- VfM Approach by DFID (2011) (very much worth a read!)
[Edit section: Updates] Updates
- "Measuring the intangible" VfM Symposium held in London.
- Upcoming VfM Conference on the 19th and 20th of September 2013 in Bangkok
