Page 154 - APM Integrated Workbook STUDENT S18-J19

Chapter 10

Assessing VFM using the 3Es

 VFM is interpreted as providing an economic, efficient and effective service.

 Appropriate performance indicators should be chosen for each ‘E’.
3Es Examples for a university Example PI for a university

Economy – The cost of books, computers  Measure the cost of books,
an input and academic staff compared computers and academic
measure with the quality of these staff.
resources.
 Measure the quality, e.g.
student feedback rating on
quality of academic staff.

Effectiveness  Achieving top degrees for  % students achieving a target
– an output students. grade.
measure  Carrying out quality research.  Excellent research rating
looking at awarded by external body.
whether  Getting graduates into the
objectives are workplace.  % students entering the
being met workplace within 6 months of
graduating.
Efficiency – Are the books, computers and  % time books, computers
links inputs to academic staff invested in being used by students.
outputs. Is the used efficiently?  % time academic staff spend
maximum teaching.
output being
achieved from
the resources
used?

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