13 Performance measurement in not-for-profit organisations Flashcards Preview

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Flashcards in 13 Performance measurement in not-for-profit organisations Deck (4)
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1
Q

What are the three value for money elements?

A

Economy
Efficiency
Effectiveness

2
Q

What is meant by economy in the value for money elements?

A

An input measure. Are the resources used the cheapest possible for the quality required

3
Q

What is meant by efficiency in the value for money elements?

A

Here we link inputs with outputs. Is the maximum output being achieved from the resources used

4
Q

What is meant by effectiveness in the value for money elements?

A

An output measure looking at whether objectives are being met.