Value for Money VFM

VC Value for Money

VC Value for Money strategy
“Supporting life changing outcomes for poor and marginalised people with partners, as consistent with Catholic social teaching principles, and optimising the use of resources to achieve it”

Viatores Christi (VC) is dedicated to delivering strong value for money (VfM), as part of its commitment to helping poor and marginalised people around the world while also maximising the effectiveness of contributions of its donors. As part of this commitment, VC has worked with a consultant from Coffey International to examine how VC conceives of VfM and how it is making the most impact with its limited resources. The following is the first part of a comprehensive strategy document (full strategy document under separate cover) sets out how VC defines and operationalises VfM throughout the key phases of its work, while also discussing the different approaches, tools and resources it uses to demonstrate the VfM of its work.
Common understanding of VfM

Value for Money is a commonly used phrase by donors and development organisations, but there is no consensus as to how it should be defined. Perhaps the most widely used VfM definition is from the UK National Audit Office (NAO), ‘the optimal use of resources to achieve the intended outcomes’ – however, a number of bilateral donors and foundations have their own VfM definitions, including the World Bank and the UK’s Department for International Development.

VC’s value-first VfM approach
To achieve the best value for money, VC understands that it needs to make the most effective use of its resources as possible. However, VC’s approach asserts that while costs are important, the primary focus of VfM should be to ensure that its partners, through the help of VC’s support, are delivering life changing outcomes. If life changing outcomes are not occurring, then VC’s work cannot be good VfM, no matter how cheaply it is delivered.