Are three ‘E’s enough?

‘Value for money’ is a term which is freely used throughout society. It is one of those phrases of which everyone feels they intuitively know the meaning but about which they are rather vague when asked to provide a precise definition. The concept has been particularly important in the public sector, where it is often claimed that, in the absence of profit as a measure of performance, value for money should provide the criterion sought in measuring and evaluating service provision. The author takes a critical look at attempts to define and assess value for money in the public sector, and outlines possible avenues to a better approach.