PROJECT TO STUDY AND DEVELOP INDICATORS OF GOOD GOVERNANCE: VALUE FOR MONEY INDICATOR

Abstract

The study’s aims were to update the value for money indicator and to give tools for other agencies to assess their own value for money. The research methodology entails a review of the literature on value for money at the international and Thai levels in order to collaboratively integrate, analyze, synthesize, and apply concepts, theories, principles, and value for money indicators that are appropriate for use in Thai society, as well as defining the components’ indicators.

The findings indicated that value for money assessment must be a systematic process that begins with project design or planning and continues through activity execution, completion, and evaluation. The first aim of this study is to devise an updated value for money indicator. This indicator will be comprised of four essential indicators: economy, efficiency, effectiveness, and equity. The second aim of this study is to provide tools for agencies to access their own value for money. This will be done by converting the four major indicators into a set of questions that each has a score that can be assessed. These scores will be combined and the average of these scores will provide the agency’s final value for money score.

Due to limited resources, it is recommended that good governance is indispensable to the principle of value for money, and that public-private partnership activities emphasize public-private partnerships, thereby focusing on real value and requiring a cost-effective evaluation prior to, during, and after the completion of the project. Most significantly, the project’s implementation must find the balance between economy, efficiency and effectiveness. Additionally, it is spread and, over time, reaches the true target audience.