Navigation
 Portal
 Index
 Memberlist
 Profile
 FAQ
 Search
September 2018
MonTueWedThuFriSatSun
     12
3456789
10111213141516
17181920212223
24252627282930

Calendar Calendar

Statistics
We have 950 registered users
The newest registered user is *Young Ochu

Our users have posted a total of 1230 messages in 347 subjects
Who is online?
In total there are 3 users online :: 0 Registered, 0 Hidden and 3 Guests

None

[ View the whole list ]


Most users ever online was 49 on Fri Jul 06, 2018 7:06 am

INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011

Go down

INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011

Post  freddy.mbeyella on 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.

freddy.mbeyella

Posts : 74
Join date : 2009-08-25

View user profile

Back to top Go down

INCORRECT USE OF VFM IN PPA No. 21 OF 2004 & No. 9 OF 2011

Post  Magoti.Daniel on 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

Magoti.Daniel

Posts : 7
Join date : 2013-03-21
Age : 32

View user profile

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum