Achieving Value For Money (VFM)
Those working in the UK public sector will be very familiar with the term ‘value for money’ (often shortened to VFM). Historically much of our delivery has been to UK audiences and ensuring VFM when we put together a learning programme is fundamental to our approach. Our burgeoning international work has allowed us to witness other countries around the world, particularly those heavily affected by the recent drop in oil prices, refocus priorities and start to consider VFM more carefully. UK experiences are often used as a benchmark and we have found ourselves in a strong position to react accordingly.
There are a number of measures which could be used to help ensure VFM but we often refer to the National Audit Office’s three Es:
- Economy: minimising the cost of resources used or required (inputs) – spending less;
- Efficiency: the relationship between the output from goods or services and the resources to produce them – spending well; and
- Effectiveness: the relationship between the intended and actual results of public spending (outcomes) – spending wisely.
When we put together learning solutions we try to consider each of these carefully before deciding on the best course of action. Keeping costs low is important but it shouldn’t be at the expense of effectiveness as that might automatically render the solution inefficient. Finding the balance can sometimes be difficult but is important and a good way of helping to ensure good VFM.
If you would like to know more about how we might be able to help you achieve better value for money in your learning programmes please do get in touch. Our contact details can be found through the link at the bottom this page.