The process under which organisation’s procurement, projects and processes are systematically evaluated and assessed to provide confidence about suitability, effectiveness, prudence, quality, value and avoidance of error and other waste, judged for the public sector as a whole. Value for Money is about providing services that are of the right quality, level and cost that reflect the needs and priority of citizens, taxpayers and the wider community. It is a term used to assess whether or not an organisation has obtained the maximum benefit from the goods and services it both acquires and provides, within the resources available to it. Some elements may be subjective, difficult to measure, intangible and misunderstood. Judgement is therefore required when considering whether it has been satisfactorily achieved or not. It not only measures the cost of goods and services, but also takes account of the mix of quality, cost, resource use, fitness for purpose, timeliness, and convenience to judge whether or not, together, they constitute good value.
Published in Chapter:
Management of Strategic Knowledge and Technology in Government Agencies for Public Value
A. Nusret Güçlü (Middle East Technical University, Turkey), Semih Bilgen (Middle East Technical University, Turkey), Tunç D. Medeni (Yıldırım Beyazıt University, Turkey), Gülten Alır (Yıldırım Beyazıt University, Turkey), and İ. Tolga Medeni (Middle East Technical University, Turkey)
Copyright: © 2015
|Pages: 12
DOI: 10.4018/978-1-4666-5888-2.ch454