value for money

Value for money (with a focus on objectives, whole of life costs and risk management) is a key criterion for each output evaluation project. There are often also non-financial matters to be considered in evaluating value for money. Refers to much more than mere efficiency since it relates to the achievement of departmental objectives and/or delivery of outputs. Value for money links the output evaluation and output price review activities for consideration by the Government as part of the budget process.