If the commercial sector is about financial return to its shareholders then the public sector is about demonstrating value for money in the use of the taxpayers’ monies. This demands transparency and accountability with public scrutiny.
However, don’t be mistaken it doesn’t mean the cheapest. It means assessing and purchasing the optimum quality at the lowest price.
In other words, the ‘value for money 3Es’:
- Economy – means buying at the right price and right quality
- Efficiency – means getting the most out of your goods and services on the job
- Effectiveness – means ensuring your goods and services contribute to achieving government policy and program results?