The Concept of Value for Money | Emerald Insight

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. Toreadthefullversionofthiscontentpleaseselectoneoftheoptionsbelow: Accessandpurchaseoptions Purchaseoptions RentthiscontentfromDeepDyve RentfromDeepDyve Otheraccess YoumaybeabletoaccessthiscontentbylogginginviayourEmeraldprofile. Login Ifyouthinkyoushouldhaveaccesstothiscontent,clicktocontactoursupportteam. Contactus Pleasenoteyoudonothaveaccesstoteachingnotes Accessandpurchaseoptions Purchaseoptions Otheraccess YoumaybeabletoaccessteachingnotesbylogginginviayourEmeraldprofile. Login Ifyouthinkyoushouldhaveaccesstothiscontent,clicktocontactoursupportteam. Contactus Abstract TheConceptofValueforMoney(VFM)ineverydaylifeiseasilyunderstood:notpayingmoreforagoodorservicethanitsqualityoravailabilityjustify.Inrelationtopublicspendingitimpliesaconcernwitheconomy(costminimisation),efficiency(outputmaximisation)andeffectiveness(fullattainmentoftheintendedresults).Butwhatvaluesarerealisedbytheactivitiesofpublicsectororganisations?Whosevaluesaretheyandhowaretheytobemeasured?Thepracticalconclusionisthatpolicymakersmustframepreciseaimssothatatleasttherearesomecriteriawithwhichtocompareresults. Keywords Economy Effectiveness Efficiency PublicSector Citation Glendinning,R.(1988),"TheConceptofValueforMoney",InternationalJournalofPublicSectorManagement,Vol.1No.1,pp.42-50.https://doi.org/10.1108/eb002926 Publisher: MCBUPLtd Copyright©1988,MCBUPLimited Relatedarticles Support&Feedback Managecookies We’relistening—telluswhatyouthink Somethingdidn’twork… Reportbugshere Allfeedbackisvaluable Pleaseshareyourgeneralfeedback MemberofEmeraldEngage? Youcanjoininthediscussionbyjoiningthecommunityorlogginginhere.YoucanalsofindoutmoreaboutEmeraldEngage. Joinusonourjourney Platformupdatepage Visitemeraldpublishing.com/platformupdatetodiscoverthelatestnewsandupdates Questions&MoreInformation Answerstothemostcommonlyaskedquestionshere ×