What is it about?
The article provides greater clarity on how Value For Money can be assessed in practice, what is measured, and how it is measured in any decision-making context. An explicit procedure to follow in VFM assessment has been developed thereby reducing the confusion associated with the VFM concept. The procedure has been tested during VFM workshops on infrastructure projects.
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Why is it important?
Value is deconstructed into three components using everyday language. By making a clear distinction between value and money and, by treating value and value for money as separate notions, greater clarity of VFM is provided, thus enabling more effective measurement in practice.
Perspectives
This article would greatly benefit those who are responsible for making VfM decisions on large projects especially infrastructure projects involving multiple stakeholders. The way we have deconstructed Value into three components using everyday language: useful purpose, beneficial outcomes, and important features, makes the procedure we have developed more pragmatic and easy to use when compare with existing approaches to measuring VfM.
Ajibade AIBINU
University of Melbourne
Read the Original
This page is a summary of: The Value for Money Concept in Investment Evaluation: Deconstructing its Meaning for Better Decision Making, Project Management Journal, February 2019, SAGE Publications,
DOI: 10.1177/8756972819827102.
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