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Value for money: A utilization-focused approach to extending the foundation and contribution of economic evaluation

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  • Peterson, Christina
  • Skolits, Gary

Abstract

Value for Money (VfM) is an evaluative question about the merit, worth, and significance of resource use in social programs. Although VfM is a critical component of evidence-based programming, it is often overlooked or avoided by evaluators and decision-makers. A framework for evaluating VfM across the dimensions of economy, effectiveness, efficiency, and equity has emerged in response to limitations of traditional economic evaluation. This framework for assessing VfM integrates methods for engaging stakeholders in evaluative thinking to increase acceptance and utilization of evaluations that address questions of resource use. In this review, we synthesize literature on the VfM framework and position it within a broader theory of Utilization-Focused Evaluation (UFE). We then examine mechanisms through which the VfM framework may contribute to increased evaluation use. Finally, we outline avenues for future research on VfM evaluation.

Suggested Citation

  • Peterson, Christina & Skolits, Gary, 2020. "Value for money: A utilization-focused approach to extending the foundation and contribution of economic evaluation," Evaluation and Program Planning, Elsevier, vol. 80(C).
    • Handle: RePEc:eee:epplan:v:80:y:2020:i:c:s0149718918302192
    DOI: 10.1016/j.evalprogplan.2020.101799
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    References listed on IDEAS

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    Cited by:

    1. Springer, Emily, 2021. "Caught between winning repeat business and learning: Reactivity to output indicators in international development," World Development, Elsevier, vol. 144(C).
    2. Heidi Peterson, 2023. "Cost–Benefit Analysis (CBA) or the Highway? An Alternative Road to Investigating the Value for Money of International Development Research," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(2), pages 260-280, April.

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