Value for money (VfM) is a widely used term but one with very broad definitions and very little empirical research on measuring it. We'd like to find anyting in that area including algorithms, metrics, key performance indicators, etc.
Dear Gransberg,
Do you have published any paper on Value for Money (VfM)? If yes, can you share it with me. Thanks.
The following paper could help. You may want to check it out.
Are Public Private Partnerships value for money?: Evaluating alternative approaches and comparing academic and practitioner views
D Grimsey, MK Lewis - Accounting forum, 2005 - Elsevier
We are currently working to produce a paper describing a comprehensive procedure for measuring the VfM of PPPs. This approach will be only suited to major projects of transport infrastructur, as it is based on the analysis of intergenerational impact (IREM).
you can read more here: https://www.linkedin.com/pulse/new-insights-added-value-private-finance-provision-domingo-penyalver
To continue, are there any papers that provide an empirical formula for VfM?
To continue again, we have a multilingual research team so papers that are not in English are also of interest.
Already available:
Penyalver, D., Turró, M., & Williamson, J. B. (2019). Measuring the value for money of transport infrastructure procurement; an intergenerational approach. Transportation Research Part A: Policy and Practice, 119, 238–254.
https://doi.org/10.1016/j.tra.2018.11.013
VfM is the optimum combination of lifecycle cost and quality (physical quality and service quality) under user requirements and a specified timeframe. According to this definition, the assessment used to examine VfM in PPP evaluations should be concerned with project lifecycle cost as well as quality within the framework of the user satisfaction and project schedule (Liu et al., 2014)
Liu, J., P. E. D. Love, P. R. Davis, J. Smith and M. Regan (2014) Conceptual Framework for the Performance Measurement of Public-Private Partnerships, Journal of Infrastructure Systems, ASCE, 21, 1-15.
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