Why ‘value for money’ is not just about the cost

At a time when donors are tightening their aid budgets and reconfiguring their development priorities, the discussion surrounding project management has largely centered on the need to deliver “value for money.” But it is important to remember that value for money goes beyond the narrow focus on attaining the lowest cost for a project — an aim that, in certain contexts, may prove to be short-sighted.

In a video interview with Devex Editor Rolf Rosenkranz, Ricardo Vargas, director of the sustainable project management group at the U.N. Office for Project Services, said value for money can be achieved through effective project management.