LAMP Development Quiz
At LAMP, we support development programmes to assess their efficiency and cost-effectiveness. But what does Value for Money (VfM) really mean? Find out more and test your knowledge via our VfM quiz!
Value for money (VfM) means always paying the lowest price, prioritising interventions that are easy to measure, and avoiding risks.
True
False
Correct!
Wrong!
The 5Es approach to VfM includes:
Economy, Efficiency, Effectiveness, Equity, Cost-effectiveness
Economy, Efficiency, Effectiveness, Equity, Empathy
Economy, Efficiency, Effectiveness, Equity, Equality
Correct!
Wrong!
At what time(s) of the project cycle is VFM important?
Programme design
Programme implementation
Reporting
Day-to-day decision making
All of the options
Correct!
Wrong!
A VFM framework should link to the programme’s Theory of Change.
True
False
Correct!
Wrong!
Cost-effectiveness analysis compares a change in a particular outcome per dollar spent, while cost-benefit analysis monetizes all benefits.
True
False
Correct!
Wrong!
Spot the difference! One of these diagrams demonstrating the 5 E VFM approach is wrong – which one is it?
Diagram 1
Diagram 2
Correct!
Wrong!
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Value for money
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Our advisors have a broad range of skills and expertise that can be drawn upon and tailored to meet the needs of our clients. Where possible, we resource projects locally in order to benefit from local knowledge, relationships and to promote the local economy.
LAMP Development is a not for profit company registered in Scotland. Our experience is global including work in Nigeria, Sierra Leone, Ghana, Kenya and UK.
