The Mayor's framework
for cost effectiveness
A document describing
diagrammatically how throughout all levels of Newham's activities
we strive to improve value for money.
The Mayor's Framework for Cost Effectiveness attempts to
describe diagrammatically how throughout all levels of Newham's
activities we strive to improve value for money.
Value for money (VfM) is often thought of as the relationship
between:
- economy (eg price paid for providing a service)
- efficiency (eg, a measure of productivity - how much we we get
out for what we put in)
- effectiveness (eg the impact, what volume of service is
provided, what satisfaction there is)
VfM is achieved when the optimum balance between all three is
achieved (relatively low costs, high productivity and successful
outcomes).
See the Mayor's Framework for Cost Effectiveness
(Word, 50k)