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INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011
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INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011
freddy.mbeyella Fri Dec 27, 2013 8:13 pm
Magoti,
Your observation is valid. However, the term “Value for money” (VFM) has many interpretations but, they all mean the same. Generally, VFM is used to describe an explicit commitment to ensuring the best results possible are obtained from the money spent. Value for money is based not only on the minimum purchase price (economy) but it also on the maximum efficiency and effectiveness of the purchase. It concern for more transparency and accountability in spending public funds, and for obtaining the maximum benefit from the resources available.
So VFM can be looked upon as the output/ goal of procurement or constituent of procurement process. That is why in some literature it is described as one of the principles of public procurement or the target of procurement.
Your observation is valid. However, the term “Value for money” (VFM) has many interpretations but, they all mean the same. Generally, VFM is used to describe an explicit commitment to ensuring the best results possible are obtained from the money spent. Value for money is based not only on the minimum purchase price (economy) but it also on the maximum efficiency and effectiveness of the purchase. It concern for more transparency and accountability in spending public funds, and for obtaining the maximum benefit from the resources available.
So VFM can be looked upon as the output/ goal of procurement or constituent of procurement process. That is why in some literature it is described as one of the principles of public procurement or the target of procurement.
freddy.mbeyella- Posts : 74
Join date : 2009-08-25
INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011
Magoti.Daniel Tue Oct 29, 2013 9:35 pm
Referring to different books, journals, lectures and seminars conducted by PPRA & PSPTB, the word VFM "Value for Money" includes three components namely; "Efficiency, Effectiveness & Economy"
But after going through frequently in S. 58 (2) of PPA No. 21 of 2004 & S. 63 (2) of PPA No. 09 of 2011, the word "Value for Money" has been used independently from the word efficiency, economy and effectiveness.....My concern is, does this VFM in public procurement act means different thing from what is written in different books & journals
But after going through frequently in S. 58 (2) of PPA No. 21 of 2004 & S. 63 (2) of PPA No. 09 of 2011, the word "Value for Money" has been used independently from the word efficiency, economy and effectiveness.....My concern is, does this VFM in public procurement act means different thing from what is written in different books & journals
Magoti.Daniel- Posts : 7
Join date : 2013-03-21
Age : 38
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