Value for money training
Value for Money Training - Monday 2 to Wednesday 4, September 2019
Herdmanston Lodge, Georgetown, Guyana, August 30, 2019
Value for Money (VfM) suffers from being a phrase that is more used than understood. In earnest, a programme/initiative that gives VfM is one that minimizes costs; maximizes benefits (at costs) and successfully achieves intended outputs and outcomes, in an equitable and ethical way.
Value for money plays a significant role in development policy making, as globally, donor countries are increasingly under pressure to justify development investments and recipients are required to maximize results at cost. However, the initiatives or programmes being implemented with scarce resources and amidst increased demand from stakeholders to minimize costs and maximizes results (at costs). UNICEF as a partner supports Government’s leadership in capacity strengthening in Value for Money (VfM) measurement and practices.
In this regard, the Ministry of Finance in collaboration with UNICEF will be conducting a training session on Value for Money measurements and their application to programme implementation, monitoring and evaluation. This training is expected to increase the levels of competence for measuring the benefits of expended resources; in and across Government sectors, commissions, Civil Society Organizations and Development partners.
The training curriculum includes: Value for Money Principles; Cost-efficiency Analysis; Cost-benefit Analysis; Social Return on Investment; Rank Correlation of Cost vs Impact and Basic Efficiency Resource Analysis; and the Counterfactual – Cost of Inaction.
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For more information about UNICEF and its work for children, visit www.unicef.org.