Public Value in Value for Money: From Frameworks to Practice
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The Value in public finance peer learning group provides a platform for those in government, academia, private and other sectors to discuss and explore ways to improve value creation of public expenditure. This peer learning group aims to create a community of individuals and organisations interested in improving public finance and how economies perform. We are an inclusive group of thinkers and practitioners and would welcome international engagement on the above themes as well as any others.
The group meets every 2 months for an hour-long discussion and is co-organised by the GO Lab and Chartered Institute of Public Finance and Accountancy (CIPFA). Jeffrey Matsu and Nigel Ball co-lead the sessions.
Session Recording
Listen to the audio recording of the session.
Session Overview
Value for money (VfM) assessment is a critical process organisations undertake to determine whether the benefits of a proposed project justify its costs. However, finding a bespoke framework for assessment is just the first step. The process involves making a range of assumptions, particularly regarding cost data, which can be a significant challenge. Additionally, selecting the right counterfactuals, or alternative scenarios that may arise if the project does not go ahead, is another essential but challenging aspect of the assessment.
Building up upon our previous discussion on Measurement and Economic Validity, this session discussed the practical applications of VfM assessment. The primary objective was to follow up on the GO Lab-CIPFA VfM toolkit by hearing from practitioners in local government who have used it, and others who have attempted similar types of analysis. The session presented case studies on the toolkit’s strengths and weaknesses as well as a broader discussion on ways that such resources can be made more accessible. Data availability and ease of use are two constraints often cited. The session was structured around two case studies followed by comments on improvements and extensions and a Q&A session.
Speakers
Cassandra Gardiner - Head of Digital Innovation & Change, London Borough of Redbridge
Tori Olphin - Chief Data Scientist and Head of Research, Thames Valley Violence Reduction Unit
Jan Beckstrom - Deputy Director General - Office of the Auditor General of Norway, the Innovation Lab
Alex Hurrell - Head of Evaluation - Kantar Public