VALUE FOR MONEY
Financial Dictionary â Performance & Governance
Definition
Value for money is in the perception of the buyer or recipient of goods and/or services. Evidence of good value for money is the belief or conclusion that the goods/services received were worth the price paid. Examples of the types of factors that can be taken into consideration include suitability, quality, skills, price, whole life costs, and other criteria. The combination of these and other factors and the relevant importance of each will vary on a case-by-case basis.
Use cases, Example & Why it matters
Use cases
- Used to explain the concept in accounting and business contexts.
- Used when training staff or documenting procedures and policies.
- Used when training staff or documenting procedures and policies.
Example
- Example: Teams reference **VALUE FOR MONEY** when defining terms in manuals, policies, or training materials.
Why it matters
- Why it matters: Improves clarity and consistency across documentation and decision-making.