This briefing note explores a new approach to assessing value for money
In the development sector there is increasing scrutiny of ‘value for money’ (VfM), largely because of growing pressure on aid budgets. While the importance of VfM is agreed, current approaches to evaluating VfM are often deficient. With the support of Julian King, we have developed a new approach to VfM assessment that supports transparent and well-reasoned judgements about VfM. The approach has eight steps and combines cutting-edge evaluation practice with concepts from economic evaluation to respond to donor requirements for accountability and good resource allocation, as well as to support reflection, learning, and adaptive management.