The Performance Audit Wing, Lahore organised an interactive three-day training course on Value for Money for the officers of the executive departments of the Government of Khyber-Pakhtunkhwa (KPK) and Gilgit Baltistan under the umbrella of Auditor General of Pakistan.
The course was attended by the officers from provincial governments of KPK and Gilgit Baltistan. Value for money has been defined as a utility derived from every purchase or every sum of money spent. Value for money is based not only on the minimum purchase price (economy) but also on the maximum efficiency and effectiveness of the purchase, according to the department’s spokesman here Sunday.
The primary objective of the activity was to apprise the participants on how economically, efficiently and effectively (3Es) the departments and agencies may utilise public resources.
The concept of Value for Money (VfM) in everyday life is easily understood as “not paying more for a good or service than its quality or availability justify”.
In relation to public spending, it implies a concern with economy (cost minimization), efficiency (output maximization) and effectiveness (full attainment of the intended results).
The VfM is not only important from the government point of view but it has a great relevance and importance to our stakeholders i.e. parliamentarian, PAC, donors, NGOs and general public.
It is the taxpayers money which has to be spent keeping in view 3Es.The participants were trained with skills, tools and techniques on how to improve value for money while dispensing the official business.
Deliberations were also made on the responsibility and accountability and related governance patterns. Moreover, a detailed discussion was made on organizational culture and ethical practices, roles and responsibilities framework in the public sector entities.
