Integrated Value for Money Processes - Dissertation Example

Reforms have been adopted in the various sectors and progress being followed by major bodies like the World Bank and UN Human Development. The allocation and use of resources in this nation show a huge gap as compared to large nations. Russian is one of them has had adoption of better allocation of resources and aiding institutions develop performance indicators and institutionalize these in the budget formulation (Diamond & IMF, 2005, 22). This exacerbates the dire need for evaluating value for money in government spending and finding insights into areas that the VFM code is lacking and should be integrated.

Analysis of interview 1. VFM processes that are in use and how can they be enhanced through the adoption of a more integrated VFM based approach 67% of the respondents have outlined VFM practices in Education sector. However, there is a need to have a monitoring unit and review process. 33% of the respondent stated that VFM and performance budgeting will be introduced in 2015. 33% of the interviewee has expressed that VFM is in use in the Auditor’s general office in Seychelles. The reduced number of staff, however, is hindering the optimal function of this department. 2. VFM be integration into decision making and resource allocation cycles A SMART analysis is recommended by 33% of the respondent to be used in introducing performance budgets in the budget process.

100% of the respondents state that there is a need to have a public monitoring unit or a reviewing body to review budget spending. 33% state that a specific department should be set aside for this purpose only. 3. Feasibility and desirability of the VFM model adaptation in Seychelles 100% response indicate that the integration of this model is a costly agenda but with time it will be fully inducted i.e. 2015. The need for a VFM code is highly vital as expressed by 100% of the respondents. 4. Challenges likely to be encountered and the scope for changes in this direction Ineffective monitoring and implementation unit Lack of good administration in analysis projects Cultural impact – acceptance and gradual change Funding for Research and implementation of the Model in full Bulk budget allocation 100% indicate that there is need to do thorough research in countries that have integrated VFM successfully.

There will be a gradual implementation of the model by 2015. 5. Form of an integrated VFM code for Seychelles The modest methods recommended are Cost-benefit analysis; the 3e’s analysis and the trend analysis deferred form the confidence levels. However, the respondents do not have a clear method to be used. However, there are insights into doing research work in countries that have implemented VFM models successfully. Enhancing levels of engagement with performance data policy Definition of Value for Money Code Value for money’ is a term that is used to show an explicit commitment to enabling the best results possible are achieved from the money spent.

In the UK Government, VFM has been used to depict a concern for more transparency and accountability.