***If you are looking for our VFM Self Assessment or Financial statements for 2014, please click here .***
It is our commitment to deliver a service that is highly cost effective, that meets or exceeds the expectations of our customers and makes a significant contribution to the sustainability of the communities where we operate. We want to achieve demonstrable value for money in all of our activities.
So, what is Value for Money?
Value for money(VFM) is an important consideration to most of us whether we are aware of it or not. For example, when we do our weekly shopping we have a wide range of products to choose from offering different levels of quality and varying prices. We have to decide whether to buy economy products, which may cost less or perhaps a branded product, which may cost more but may have a better taste. This is the basic principle of value for money; it is the balance between COST and QUALITY.
VFM is further defined as the relationship between economy, efficiency and effectiveness.
Economy
is the whole cost of service provision. For example, the total cost of delivering the responsive service.
Efficiency
is a measure of productivity in terms of the volume of output we can achieve in relation to the inputs. For example, the average cost of a responsive repair.
Effectiveness
is a measure of the outcome for customers which may be either quantitative or qualitative. For example, the percentage of completed on time (quantitative), and the customer satisfaction levels with those (qualitative).
If you have seen or experienced:
You can also make value for money suggestions by completing the online VFM form. Access this by clicking
here
.
then we want to hear from you. Also, if you seen or experienced efficiencies and good practices that we could share with our other customers then y
ou
can also email us at or phone your local Eastline team.
