The Value for Investment approach is now included in evaluation training at whole-of-government level in the UK through the Evaluation Task Force (ETF). The ETF is a joint HM Treasury and Cabinet Office unit established to ensure evidence and evaluation sit at the heart of spending decisions.
The ETF’s Evaluation Academy trains evaluators across the UK government, using a train-the-trainer model. The value for money (VfM) training module recommends the use of the VfI approach as set out in Julian King & Oxford Policy Management’s VfM assessment guide. This guide emphasises the use of evaluative reasoning and mixed methods. It places evaluation rubrics at the heart of VfM assessment while retaining and building on existing approaches including economic methods of evaluation. It can accommodate criteria commonly used in public services and international development (economy, efficiency, effectiveness, cost-effectiveness and equity) as well as other criteria.
“I was very happy to be asked by the Cabinet Office Evaluation Task Force to help deliver the Value-for-Money (VfM) evaluation module at their cross-government Evaluation Academy last week. I was even happier that the King/OPM VfM framework, that I helped to develop, was being recommended to provide a comprehensive assessment of VfM performance against the UK National Audit Office 4Es framework, going beyond standard economic evaluation approaches. It helps us to answer the ultimate policy evaluation question: Does the policy’s impact represent good VfM, compared to alternative options?” (Alex Hurrell, Head of Evaluation at Verian UK, formerly Kantar Public)
For VfI resources and training
Open-access VfI resources are available on Julian’s website. You can also follow Julian on Substack where his regular posts include practical tips, deep dives on relevant topics, updates on publications and training opportunities. VfI is taught globally through evaluation associations and in the online Master of Evaluation program at the University of Melbourne. Private workshops are available and can be customised to organisational needs. To inquire about training and mentoring opportunities, please visit the Value for Investment landing page or contact Julian.
