Value for money

(VFM).

1. Public sector - UK.

In relation to the UK public sector, the achievement of economy, efficiency and effectiveness in the use of resources.

Among its other responsibilities, the UK National Audit Office undertakes value for money audits of UK public sector spending.

2. Other contexts.

Similar concepts in other organisations and sectors.

See also

• Audit
• Private sector
• Public sector
• Third sector