Bridging the accountability gap - Audit Commission
Bridging the accountability gap - Audit Commission
Bridging the accountability gap - Audit Commission
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2<br />
Partnerships and value for money –<br />
<strong>the</strong> costs and benefits<br />
52 Value for money should be a key governance issue for partnerships. Increasingly, public<br />
bodies and regulators are focusing on value for money because of <strong>the</strong> Gershon Efficiency<br />
Review (Ref. 13).<br />
53 The established definition of value for money is <strong>the</strong> relationship between economy,<br />
efficiency and effectiveness (Figure 6).<br />
Figure 6<br />
The value for money relationships<br />
Value for money should be a key governance issue for partnerships.<br />
Value for<br />
money<br />
Economy Efficiency Effectiveness<br />
Qualitative<br />
Costs<br />
Inputs<br />
Outputs<br />
Outcomes<br />
Quantitative<br />
Mapping and evaluating partnerships<br />
54 Many organisations do not know <strong>the</strong> extent of <strong>the</strong>ir involvement in partnerships. Some<br />
organisations maintain a database of partnership activity or carry out a partnership audit<br />
24<br />
Governing partnerships | Partnerships and value for money – <strong>the</strong> costs and benefits