Value for Money
One of the most important considerations for Muir and our customers is that we provide services that are Value for Money (VfM). Our corporate plan sets out our aim:
‘We are committed to the principle of obtaining value for money in everything we do so that we can provide economic, efficient and effective services to our residents. We recognise the components of value for money and seek to choose the optimum balance between quality, price & effectiveness and to be able to demonstrate and evidence this approach.’
What is Value for Money?
At Muir we believe that VfM is about achieving the right balance between the three ‘E’s’- Economy, Efficiency and Effectiveness. This means spending less, spending well and spending wisely.
- Economy is the price paid for what goes into providing a service.
- Efficiency is a measure of productivity or how much is gained from what is put in.
- Effectiveness is a measure of the impact achieved and can be both qualitative and quantitative.
VfM is high when there is an optimum balance between all three 'E’s'; relatively low costs, high productivity and successful outcomes. This can be seen in the VfM flow chart below:
What are we doing?
Our main areas of expenditure are regularly cost tested to ensure they provide VfM. Residents are involved in these processes.
We have a full program of service reviews for all main service areas to ensure we are providing VfM. Residents are involved in these reviews.
We regularly compare our costs to other social housing providers to see where we can improve.
We are currently training our staff to ensure that they understand the importance of VfM money and are aware of how to identify ways in which Muir can improve its services.
How can you help us achieve VfM?
We have a Performance and Value for Money Group who meet every three months to review how Muir is doing and how we can improve. A resident board member sits on this group. The group also considers suggestions that staff and customers have made and make recommendations on which Muir should adopt.
Do you have any ideas or suggestions for how we can improve VfM? If so we want to hear from you, please either use the following form, or go to our
Contact Us page for further ways to get in touch with us.
