The impact of value for money on project implementation process
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Date
2019
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
In many countries the Value for Money (VfM) is used by public authorities as a decision making tool in the context of public investment. These solutions are varied and can be tailored to each project. Its technical characteristics identify the best delivery option. VfM guides and supports decisions on the implementation of a public infrastructure project at the stage of Public-Private Partnership (PPP) or Public Procurement. Accordingly, the VfM's primary goal is to maintain a balance between cost and benefit. Where the cost element represents the costs incurred during the project, including delivery and associated project risk management costs. And, the benefits include quality, quantity and level of performance over the same period.
Description
1. Heider C., VALUE FOR MONEY, Washington DC, August 2018.,
http://documents.worldbank.org/curated/en/750111535725511425/Value-for-Money
2. Value for Money Achieving VfM in Investment Projects Financed by the World Bank, Washington DC, July 2016.,
http://pubdocs.worldbank.org/en/274711479159288956/Guidance-on-VfM-FINAL.pdf
3. THE FUTURE OF VFM, A consideration of the challenges and potential solutions for improving its measurement and application, January 2017.,
https://www.lampdevelopment.org/wp-content/uploads/2017/01/LAMP-VFM-Thought-Piece-FINAL.pdf
4. European Investment Bank, Value for Money Assessment Review of approaches and key concepts, March 2015., https://www.eib.org/en/publications/epec-value-for-money-assessment.htm
5. Ministry of Finance, JAPAN, MULTILATERAL DEVELOPMENT BANKS’ FINAL REPORT ON VALUE FOR MONEY, May 2018., https://www.mof.go.jp/english/international_policy/convention/g20/annex4-4.pdf
Keywords
Value for Money (VfM); Cost and benefit; Purchases
Citation
The 4th International Scientific Conference: "Challenges of Globalization in Economics and Business", Tbilisi, 2019, pp. 16-19