The constituents of "value for money"
Matrices can be a useful means of showing the results of different combinations of things In this matrix I show how three different performance attributes can be seen as the results of different combinations of change in unit costs and effectiveness.
Source: Department of Crude Measures
PS: DFID and ICAI documents talk about Value for Money (VfM) as being made up of three elements: Economy, Efficiency and Effectiveness. But if we take VfM literally, as being about a relationship between value and money, then two of these three elements don't belong. Economy is just about money and effectiveness is just about value. For more, perhaps too much, on ideas about VfM, see this list of documents at www.mande.co.uk
Another take on definitions
My client is faced with the task of comparing multiple diverse projects within a policy portfolio. I have to think about what sort of comparisons are possible in this context. I come up with the following matrix:
Applying this simple set of distinctions may not be so easy. At what point would you be able to say two or more interventions were the same kind and scale? Or that the outcomes of two or more interventions were the same kind and scale?
