Value for Money
Value for Money (VfM) is a key priority for Wulvern and we are committed to ensuring that all customers receive the best value from us.
So what is Value for Money?
At Wulvern we believe that VfM is about obtaining the maximum benefit with the resources available. It’s about achieving the right balance between economy, efficiency and effectiveness. This means spending less, spending well and spending wisely.
Economy is the price paid for what goes into providing a service.
Efficiency is a measure of productivity or how much is gained from what is put in.
Effectiveness is a measure of the impact achieved and can be both qualitative and quantitative.
VfM is high when there is an optimum balance between all three 'E’s'; relatively low costs, high productivity and successful outcomes. This can be seen in the VfM flow chart below:
How can you help us achieve VfM?
We are always looking for new ideas and suggestions for how we can improve value for you, our customers.
We have a VfM Customer Group who meet every three months to review how Wulvern is doing and how we can improve. The group also considers suggestions that staff and customers have made and make recommendations on which Wulvern should adopt.
We want to hear from you!
Do you have any ideas or suggestions for how we can improve VfM, would you like to join the VfM Customer Group? If so we want to hear from you, please email us today firstname.lastname@example.org we look forward to hearing your thoughts!