Value for Money (VfM)

Value for Money (VfM) refers to the principle of ensuring that resources, such as money, time, and effort, are used efficiently to achieve desired outcomes. It involves balancing cost, quality, and results to determine if an investment is worthwhile. In practical terms, VfM means getting the best possible value from every dollar spent, ensuring that services or products not only meet their intended purpose but also provide good quality and performance. It’s often applied in public sector projects, business decisions, and purchasing to optimize spending and maximize benefits.