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Public Administration vocabulary · Public Procurement

Value for money

Meaning in public administration, with examples

phraseCommon term

In public administration, value for money means: Getting the best possible result from public money, considering not only the price but also quality, efficiency and how well the spending achieves its aims.

In Turkish: paranın karşılığı, maliyet etkinliği, kaynakların verimli kullanımı

How it is used

A central idea in British and international audit and procurement. Auditors assess whether a project offers or delivers value for money, often using the three Es: economy, efficiency and effectiveness. Abbreviated VfM in reports.

Example sentences

  1. The cheapest bid does not always offer the best value for money.

  2. The audit office will publish a value for money report on the new IT system.

Common collocations

  • value for money audit
  • deliver value for money
  • good value for money
  • value for money assessment
  • public procurementThe process by which governments and public bodies buy goods, services and construction work from private companies, usually through open competition.
  • auditAn official, independent examination of an organization's accounts, systems or performance to check that money was used properly and rules were followed.
  • performance indicatorA measurable value used to show how well an organization, programme or service is achieving its objectives, such as waiting times, cost per case or satisfaction rates.
  • taxpayerA person or company that pays tax; in public debate, the citizens whose taxes fund public services.

More terms: Public Procurement

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