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Value for Money Training

Our face-to-face training courses are currently suspended due to Covid-19. At present, we are adapting and curating these courses to online versions, while maintaining the main elements that make them an IMA training course.

Find out more about our online training courses.

This unique 5-day Value for Money training course gives you the tools and knowledge to maximise and embed value for money (VfM) approaches in your projects, programmes and organisation. You learn about best practice in economic theory as well as how to practically apply existing and emerging tools.

Duration: 5 days

The price of the course excludes VAT which may be added depending on where you live and status of organisation.

Why choose this course

To develop and deliver this course, we partner with Nef Consulting, consultancy arm from the leading UK think tank NEF (New Economics Foundation). This partnership combines the technical know-how of nef consulting with IMA's extensive international development experience to deliver this unique course.

It is designed for development practitioners responsible for maximising VfM through all elements of programme and project design and delivery. Delivered by development economists nef consulting, you will benefit from the latest thinking on how to guarantee your activities deliver maximum value to your organisation and its stakeholders.

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What you will learn

Through short presentations, participatory exercises and casestudies you will improve your knowledge and skills on:

  • the rationale and main features of VfM
  • how to apply a wide-range of VfM tools and techniques to manage your costs, improve efficiency and effectiveness
  • how to embed VfM within the project cycle and M&E system
  • how to communicate good VfM and influence management decisions for sustainability.

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Improve development effectiveness


Day 1

Key features and trends in value for money (VfM)

  • the main features and principles of VfM
  • where VfM has come from and where it's going
  • best practice in economic theory and tools for VfM
  • overview of key players' roles and understanding of VfM for example DFID, UN, World Bank
  • Economy, Efficiency and Effectiveness across the project and programme cycle

Day 2

Tools for VfM: measuring inputs, outputs and outcomes

  • develop, understand and test your Theory of Change
  • measure your outputs, outcomes and impacts
  • measure and manage your costs and inputs
  • understand the difference between financial and economic costs
  • where to apply management costs within project design and delivery.

Day 3

Tools for VfM Part 1: measuring and improving efficiency and effectiveness

  • understand and apply cost efficiency analysis
  • understand and apply cost effectiveness analysis
  • understand and apply multi criteria analysis and multi criteria decision-making
  • introduction to modelling techniques for cost effectiveness analysis and multi criteria analysis

Day 4

Tools for VfM Part 2: measuring and improving efficiency and effectiveness

  • understand and apply Cost Benefit Analysis (CBA)
  • understand and apply Social Return on Investment (SROI)
  • account for triple bottom line outcomes: social, economic and environmental
  • valuing social and environmental impacts: theory and applications

Day 5

Embed and manage VfM

  • prepare the ground for capturing VfM readiness
  • embed VfM within M&E and results-based management systems
  • align your organisational structures and resources to support improved VfM
  • tools and techniques to communicate good VfM
  • how to include VfM in managerial decision making
  • VFM and you: the tools to best maximise the VfM in your organisation
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