What is Value for Money?
VFM is often expressed in terms of pursuing economy (careful management of available resources), efficiency (delivering the best level of service for less) and effectiveness (delivering the right service) to achieve desired outcomes and maximise the benefit of those outcomes. Successful demonstration of VFM is not limited to purchasing a service or item at the lowest price or making savings from existing resources. Investing higher levels of resource (in terms of cost, time or effort) may be justified by the results they deliver. The ability to set targets, monitor performance and record outcomes is key in measuring VFM. Higher levels of investment may also be justified through increased income generation so the diversification of income streams should be encouraged and incentivised.
Who is responsible for VFM at the School?
The responsibility for VFM lies with all staff and governors of the School, including those who are not directly responsible for resources or finances.
Further information can be found in the School's Value for Money Strategy.