Value for money: a broken piñata?

Abstract

In public management a key driver of effectiveness is value for money (VfM). This paper argues that the VfM concept suffers from conceptual ambiguity, and thus ethical implications arise when VfM is used to legitimize public buying decisions. A conceptual framework, which clarifies properties and boundaries of VfM, is proposed. Empirical data collected from public employees involved in public procurement in Ireland and a perceptual map of subjective meaning and impact of VfM are discussed. While the conceptual framework is broadly supported, it highlights different interpretations of VfM and distinguishes those employees who dent the VfM piñata from those who break it. The implications of the research in this paper include a need for more debate concerning the usefulness of the VfM concept.

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