To: econ-value@mailbase.ac.uk
From: "Patrick S.W.Fong" <BSPAFONG@polyu.edu.hk>
Subject: Definitions of "Value for Money"
Forwarded by Alan Freeman
Sorry for cross posting.
The term "value for money" becomes a buzzword in our everyday life.
Different people have different meanings for this term. It is also found to
be more commonly used in public sector than in private sector, AGREE???
e.g. the National Audit Office (NAO) in the UK used this term very often and
they have published a number of value for money reports for different sectors.
Currently, I am looking into the definition of "value for money" in general
together with its specific use in construction. I would be grateful if
anyone has any leads about its proper definition in general or within the
construction context. Alternatively, your personal definition on this term
is also welcome.
In addition, is there any ways to measure whether a product, service, etc.
is VALUE FOR MONEY?
Many thanks for your help.
Patrick Fong
Department of Building & Real Estate
Hong Kong Polytechnic University
__________________________________________________________
Patrick S.W. Fong,
Assistant Professor,
Department of Building & Real Estate,
Hong Kong Polytechnic University,
Hung Hom,
Kowloon,
HONG KONG.
Tel: +(852) 2766 5801
Fax: +(852) 2764 5131 or 2764 2572
E-mail: bspafong@polyu.edu.hk
__________________________________________________________