Value for Investment

To answer value for money questions, we’ve developed an approach called value for investment. It’s rigorous, built on sound theory, and practical to use. Combining strengths of evaluation and economics, our approach brings clarity to value for money.

The value for investment approach looks at multiple criteria (for example, social, cultural, environmental and economic value) and brings them together with credible evidence to provide robust conclusions that get straight to the point.

An intuitive process 

Value for investment follows a logical sequence of eight steps. The process hinges on program-specific definitions of value for money. These definitions provide a systematic framework to ensure the evaluation is aligned with the program design, collects and analyses the right evidence, draws sound conclusions, and tells a clear performance story that answers the value for money question.

The approach accommodates multiple sources of evidence, combining qualitative and quantitative data with economic analysis for a nuanced understanding of program costs, processes, consequences and value.

Around the world

The approach is used globally to evaluate complex and hard-to-measure programs and policy reforms. It is taught in the University of Melbourne’s Master of Evaluation Program. In the development sector, JK&A has teamed up with Oxford Policy Management to write this Guide, and applied the approach in diverse settings spanning public financial management, governance, international trade, market development, climate change, health, education, and social development, among others. Published examples include the MUVA female economic empowerment program in Mozambique and the Pakistan Sub-National Governance program. The International Atomic Energy Agency and Africa’s Financial Sector Development network have also adopted the approach. Closer to home, NZ-based examples of the value for investment approach include Kinnect group evaluations of the Māori and Pacific Education Initiative and the Sustainable Farming Fund. 

Value for Investment Resources

Click here for VFI resources: practice, theory, examples, blogs

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