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.
