This worksheet, based on the Spotlight 'Value for money will help you focus on value for money, using the 4E framework in your organisation, and the role of leadership in ensuring that value for money programmes stay on track and achieve the intended results. You should take approximately two hours to complete this worksheet and read the accompanying Spotlight What is Meant by Value for Money (VIM)? Value for Money isn't just about saving money, it is about ensuring that the business is efficient effective and economical in its use of resources Using the space below, write your own definition of value for Money: The 4 Framework A common framework used for VIM is the 4E approach, which provides analysis shaped by Economy, Efficiency. Effectiveness and Equity Complete the 4E framework below to provide examples of how each criterion is used, or might be used in your organisation to secure Value for Money: Economy Efficiency Effectiveness Equity Using the examples from the previous task, now complete the 4E framework on the next page to explain how each element of the framework is monitored and how this is done to make more informed decisions on performance improvement and associated costs