Achieving Value for Money

Most public bodies face downward pressure on budgets alongside a growing demand for services. The need to achieve value for money, therefore, has never been greater. Good Value for Money is the optimal use of resources to achieve the intended outcomes.

This course explores how value for money can be achieved to deliver the intended outcomes. Key elements of value for money (Economy, Efficiency, Effectiveness, Equity) will be explored alongside a discussion about the challenges in achieving the appropriate balance between these elements.

The course will commence with a discussion about the use of the term value for money and how participants interpret the term when used within and outside the workplace. It continues with an explanation of the relationship between value for money and affordability and a consideration of how value for money assessments are used to support business change. It will then cover the key principles associated with a value money assessment.

Value for Money is a one-day programme designed to equip participants with a better understanding of the term value for money (together with the best value and social value) and how it is calculated and monitored.

Key Training Features

Who Can Attend

Learning Outcomes

Key Training Features:

This course will draw upon current best practices including the

• HM Treasury Green Book: appraisal and Evaluation in central government
• HM Treasury Orange Book. Management of risk – principles and concepts
• HM Treasury Guide to Developing the project business case
• HM Treasury Aqua Book: guidance on producing quality analysis for government
• Review of quality assurance of government analytical models
• Participants will be invited to discuss their own experiences of assessing or maintaining VfM

Who Can Attend:

This course is aimed at budget and middle managers and anybody who may be responsible for calculating or managing and maintaining value for money within an organisation. Whether it be part of business change, a procurement process or contract management.

Learning Outcomes:

Participants will leave the session with a better understanding of the key elements of VfM and practical steps to improve their ability to develop VfM assessments and /or manage value for money within the context of an ongoing project. They will be able to:

• Explain the essential features of a good value-for-money assessment
• Understand the complexities and shortfalls associated with VfM assessments
• Identify and describe the sources of best practice
• The processes associated with the calculation of value for money
• The role of Social Value within VfM assessments