Value for Money

Value for Money (VfM) refers to the concept of ensuring that resources are used efficiently and effectively to achieve the best possible outcomes. It involves evaluating whether the benefits gained from a product or service justify the costs incurred. In practice, this means considering not just the price, but also the quality, durability, and service provided. In both public and private sectors, VfM aims to maximize taxpayer or consumer satisfaction by ensuring that every dollar spent delivers significant returns in terms of functionality and benefit. It's about making smart choices that optimize results relative to expenses.