Figure 4: Value for money

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Figure 4. What is the Value for Money?

Key questions and Assessment methods used for determining Good VFM and Best VFM are listed. The Key questions for Good VFM are:

• Is this the best price?
• Is it worth the money?

The Assement method for determining the best price is:

• Cost comparison

The Assement method for determining if it's worth the money is:

• Cost benefit analysis

The key question for determining Best VFM is:

• Can we afford it?

The assessment method for determining if we can afford it is:

• Affordability test

Source: Office of the Comptroller and Auditor General, Ireland

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