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Achieving Value for Money
Most public bodies face downward pressure on budgets alongside a growing demand for services. The need to achieve value for money, therefore, has never been greater. Good Value for Money is the optimal use of resources to achieve the intended outcomes.
This course explores how value for money can be achieved to deliver the intended outcomes. Key elements of value for money (Economy, Efficiency, Effectiveness, Equity) will be explored alongside a discussion about the challenges in achieving the appropriate balance between these elements.
The course will commence with a discussion about the use of the term value for money and how participants interpret the term when used within and outside the workplace. It continues with an explanation of the relationship between value for money and affordability and a consideration of how value for money assessments are used to support business change. It will then cover the key principles associated with a value money assessment.
Value for Money is a one-day programme designed to equip participants with a better understanding of the term value for money (together with the best value and social value) and how it is calculated and monitored.
Key Training Features:
This course will draw upon current best practices including the
- HM Treasury Green Book: appraisal and Evaluation in central government
- HM Treasury Orange Book. Management of risk – principles and concepts
- HM Treasury Guide to Developing the project business case
- HM Treasury The Aqua Book: guidance on producing quality analysis for government
- Review of quality assurance of government analytical models
Participants will be invited to discuss their own experiences of assessing or maintaining VFM
Participants will consider the essential features of a VfM assessment
Who Can Attend:
This course is aimed at budget and middle managers and anybody who may be responsible for calculating or managing & maintaining value for money within an organisation. Whether it be part of business change or a procurement process or contract management.
Learning Outcomes:
Participants will leave the session with a better understanding of the key elements of VFM and practical steps to improve their ability to develop VfM assessments and /or manage value for money within the context of an ongoing project.
- Explain the essential features of a good value-for-money assessment
- Understand the complexities and shortfalls associated with VfM assessments
- Identify and describe the sources of best practice
- The processes associated with the calculation of value for money
- The role of Social Value within VfM assessments
Summary
Duration
10:00 - 16:00
Price
£595+VAT
Location
Civil Service College, Westminster, London
Dates
Virtual 4 February 2025 Book6
Lead Trainer
Maurice Diamond
Maurice Diamond is a thought leader, senior executive, economist, and Fellow of the Chartered Institute of Public Finance and Accountancy (CIPFA) and PFM Practitioner with extensive UK and international experience. In particular, Maurice’s career has focussed on leading change in public and third-sector organisations with the key objective being to improve stewardship in the public sector.
Read BioMaurice Diamond
Maurice Diamond is a thought leader, senior executive, economist, and Fellow of the Chartered Institute of Public Finance and Accountancy (CIPFA) and PFM Practitioner with extensive UK and international experience.
In particular, Maurice’s career has focussed on leading change in public and third-sector organisations with the key objective being to improve stewardship in the public sector. Amongst other skills, Maurice has substantial experience in project management, business case development, public procurement and PPP.
He has advised on complex procurements in the UK, Europe, Africa and Asia covering institution building through transactional advice and monitoring and evaluation and has used this experience to provide coaching, awareness, education, public lectures and training on complex procurements for senior civil servants and ministers. Maurice is a recognised expert on PPPs and led a UNCEFACT project group authoring a recommendation on PPP in trade facilitation.
Maurice has been awarded three prestigious procurement awards, including a gold award for innovation in Procurement from the Management Consultancy Association. Maurice is accredited to deliver the APMG World Bank-sponsored CP3P qualification.
Maurice has
- Planned managed and led projects and procurements across a range of services and in a number of countries
- Authored and reviewed Business Cases/ Feasibility Studies ensuring that they are focussed and testing that the outcome will meet the business need.
- Undertaken reviews and audits of organisational performance and governance and, where appropriate, recommended and implemented change.
- Advised on the business delivery structure of government agencies and led subsequent reorganisations, mergers or divestments.
- Reviewed existing processes, procedures and systems and staffing competencies and working together with staff to develop new processes, and define and select new financial and administrative systems.
- Managed a review and update of the HMT Green Book
- Implemented resource accounting across a range of public sector organisations including the Cabinet Office, Ministry of Defence and govt agencies
- Devised and proposed business changes for Central medical stores in a number of countries across Africa, South America and Central Asia.
Amongst other agencies, Maurice has worked for USAID, PEPFAR, SMCS (Supply Chain Management Systems), UKAID (FCDO), World Bank and its agencies such as the IFC.
Maurice has experience working in over 25 countries across sub-Saharan Africa, the Middle East, Europe, North and South America and central, south and southeast Asia and has delivered training online to participants in many more.
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