Value for Money
Value for Money (VFM) is the achievement of economy, efficiency and effectiveness in how the University acquires and uses its resources in order to meet its objectives.
The University Council has a statutory responsibility to ensure that the University achieves Value for Money in its use of public funds. However, the University has a responsibility to its stakeholders (students, staff and external customers and partners) to ensure that it uses resources in the best way possible to achieve its objectives.
This responsibility extends beyond the use of public funds encompassing all sources of funding.
The University has adopted a VFM Strategy to provide a framework for continual improvement in achieving VFM and undertaking annual reporting to provide assurance of the ways in which VFM is being pursued.
Critically, the VFM Strategy identifies the responsibility that all members of staff have for ensuring that VFM is achieved within their own working environment. In doing so the Strategy aims to encourage a supportive environment for staff to raise concerns about VFM should they arise.
Value for Money: “Spending less, spending well, and spending wisely”
Need Help or More Information?
A Finance Manager supports Academic Departments or Professional Services Departments with queries relating to departmental expenditure and budgets for non-research activities. Research Finance provide support for academic departments for research activities. The Procurement Office provide guidance on purchasing and tendering.