Value for Money in Projects / Programs

Module 1: Introduction to Value for Money (VfM) in Projects and Programs

Defining VfM in the context of development projects/programs

The 4Es framework: Economy, Efficiency, Effectiveness, Equity

VfM as part of results-based management and accountability

Module 2: Integrating VfM in Project/Program Design

Embedding VfM principles in project planning and budgeting

Cost–benefit analysis and resource allocation decisions

Setting VfM-focused goals, outputs, and outcomes

Module 3: Economy – Minimizing Costs while Maintaining Quality

Procurement practices and cost control strategies

Benchmarking and market price analysis

Case examples of ensuring economy in resource use

Module 4: Efficiency – Maximizing Outputs from Inputs

Measuring efficiency through productivity ratios

Analyzing the cost of outputs versus inputs

Using efficiency indicators for decision-making

Module 5: Effectiveness – Achieving Intended Results

Linking outputs to outcomes and impacts

Measuring program effectiveness with KPIs and performance indicators

Ensuring alignment with strategic objectives and donor expectations

Module 6: Equity – Ensuring Fairness and Inclusivity

Understanding equity in project and program delivery

Assessing who benefits: gender, vulnerable groups, and marginalized communities

Balancing efficiency with equity considerations

Module 7: VfM Tools, Techniques, and Metrics

Cost-effectiveness and cost-utility analysis

Logical frameworks and VfM indicators

Tools for assessing outcomes and impact in real time

Module 8: Monitoring, Evaluation, and Reporting for VfM

Incorporating VfM into M&E systems

Collecting and analyzing VfM evidence

Communicating VfM results to donors, management, and stakeholders

Module 9: Case Studies and Practical Applications

Real-world examples of VfM in development projects/programs

Group exercises: designing a VfM assessment plan

Lessons learned and best practices