ABSTRACT
Ensuring value for money and a sound financial future involves the process of identifying, costing and allocating income and expenditure to resources and activities that can be used:
in the development of budgets and business cases;
to determine which services provide the most value for money;
to evaluate benefits of services; and
to identify where increased efficiencies should be sought to ensure that the organization can meet its business and financial obligations.
Good financial planning and management becomes absolutely essential in ensuring valued investments in times of economic constraint, as well as making certain that the organization can live within its means. Supporting this are the activities of analysing costs, productivity curves and considering alternative options for budgets and in business cases. These ensure that there is optimum use of resources and that productivity gains are being achieved.