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Q. Illustrate about Value for money framework?
The value for money (VFM) framework (the 3Es)
Economy and efficiency should not be compromised to the extent where effectiveness can suffer e.g. to do it quicker (efficiency) or cheaper (economy) may often compromise effectiveness.
Merits of economic value added (EVA): - Cash not accounting based measure therefore less distorted for performance measurement. - Consistent or goal congruence with profit
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