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Evaluation: value for money appraisal
chapter
posted on 2023-06-09, 01:41 authored by Iqbal Khadaroo, Aminah AbdullahThe objective of this entry is to clarify the multiple meanings of value for money (VFM) and to illustrate how the concept is operationalized when implementing public policies. It illustrates the VFM appraisal of the U.K. government's public–private partnership (PPP) program and discusses some of the difficulties involved in the VFM appraisal process. VFM is an abstract and rhetorical concept that is often used by governments when justifying policy decisions. A VFM appraisal may be defined as an examination to determine whether resources have been used optimally when delivering certain outputs or achieving intended outcomes. VFM audits in the public sector are carried out by parliamentary institutions to investigate the ways in which taxpayers’ money has been spent to achieve the government's policy objectives.
History
Publication status
- Published
Publisher
Taylor and FrancisPages
4196.0Book title
Encyclopedia of public administration and public policy (Third edition)ISBN
9781466569096Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes