Page 306 - FR Integrated Workbook 2018-19

Chapter 21

Specialised, not-for-profit and public

sector organisations

6.1 Overview

 Range of enterprises where main objective is not to earn profit

 Profit-based ratios are not relevant, a better measure is value for money

 Value for money achieved by

– Effectiveness – achieving defined objectives

– Efficiency – using resources well

– Economy – minimising cost

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