Illustrate about value for money framework, Strategic Management

Assignment Help:

Q. Illustrate about Value for money framework?

The value for money (VFM) framework (the 3Es)

Economy (Cheap) e.g. is the organisation procuring resources at the lowest possible cost without sacrificing the standard expected for quality and service levels
Efficiency (Quick) e.g. is the organisation enhancing efficiency by minimising inputs essential to produce outputs.
Effectiveness (Good) e.g. is the organisation maximising effectiveness by achieving its goals and objectives.

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.

Related Discussions:- Illustrate about value for money framework

How is knowledge management related to information systems, Question: a...

Question: a) How is knowledge management related to information systems? b) What is the difference between tacit and explicit knowledge? From your own experience, describe

Calculate the pricing strategy, Stephen Hecht, grandson of Marcus Hecht, th...

Stephen Hecht, grandson of Marcus Hecht, the founder of Classy Formal Wear and now executive vice president and chief operating officer of the firm, was considering how his new lin

What do you mean by controllable costs, Q. What do you mean by Controllable...

Q. What do you mean by Controllable costs? Controllable costs Divisional variable (marginal) cost. Divisional 'specific' fixed cost e.g. Specifically incurred by

Business management, Europe and the U.S have been pioneers in macro and mic...

Europe and the U.S have been pioneers in macro and micro scales in business, both internationally and in their local market. But U.S can be said to be a few step ahead of Europe, c

Vender cost , Items purchased from a vender cost $20 every, and the forecas...

Items purchased from a vender cost $20 every, and the forecast for the next year's require is 1,000 units. The cost of placing an order is estimated to be $5 each time an order is

Samsung, Samsung multibusiness strategy

Samsung multibusiness strategy

30137341, #questatra is the world''s third oldest car company, and produced...

#questatra is the world''s third oldest car company, and produced a number of rather advanced streamlined cars during the course of its production run. Because spare parts and manu

Internal buying decisions, Transfer pricing is applied internally within a ...

Transfer pricing is applied internally within a group for management accounting purposes e.g. to measure the performance of divisions. Increasing or decreasing an internal transf

Strategic position analysis, The assignment for the module is an individual...

The assignment for the module is an individual report which contributes 25% of the module total mark. You should conduct a Strategic Position Analysis (Situation Analysis) on an or

Find the minimum total cost, A fence enclosure consists of a rectangle of l...

A fence enclosure consists of a rectangle of length L and width 2 R , and a semicircle of radius R , as shown in Figure 1. The enclosure is to be built to have an area of 1600 m

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages