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Value for Money Assessment practice in Project Management Course


This 5-day training will give an introduction to value for money assessment (VFM) in project management and build the confidence and skills of NGO staff who have limited experience of using value for money techniques when designing programmes and preparing proposals and budgets for institutional donors.


This course is suitable for people who are new to or have little experience in managing and measuring VFM in programme design, proposal writing and the preparation of programme budgets.


5 Days


  • Why VFM is important to project management
  • Donors' approach to VFM 
  • Analyzing the VFM of different programme design options
  • Managing key drivers of VFM, including risk
  • Calculating unit costs and linking these to outputs and outcomes
  • Measuring, comparing and reporting on VFM
  • The challenges of hard to measure benefits, leverage, and sustainability
  • Addressing VFM in proposals and reports to other donors
  • Preparing a VFM action plan


Key features and trends in value for money (VFM)

  • The main features and principles of VFM.
  • Where VFM has come from and where it’s going.
  • Best practice in economic theory and tools for VFM.
  • Overview of key players’ roles and understanding of VFM e.g. DFID, UN, World Bank).
  • Tools to drive, evidence and manage VFM in organizations and programmes.

Importance of VFM assessment 

  • How donors approach VFM
  • Public perceptions of aid and VFM
  • Who counts – what about the beneficiaries?
  • Internal drivers
  • Partner perspectives

Tools for VFM: driving efficiency and effectiveness

  • Developing, understanding and testing your theory of change.
  • Tools and techniques for managing efficiency and input-output relationships.
  • Understanding and applying Cost-Utility Analysis (CUA).
  • Where to apply efficiency measures within project design and delivery.

Tools for VFM: managing efficiency and effectiveness

  • Understanding and applying Cost-Effectiveness Analysis.
  • Understanding and conducting Cost-Benefit Analysis, including Social Return on Investment (SROI).
  • Accounting for triple bottom line outcomes: social, economic and environmental.
  • Understanding and applying Multi-Criteria Appraisal.
  • Where to apply effective measures within project design and delivery.

Planning: considering VFM in programme design

  • Using the theory of change and stakeholder analysis to generate options in programme design
  • Using options analysis to make a business case
  • Identifying the key components of VFM
  • Risk analysis and pricing risk
  • Valuing leverage and sustainability
  • Addressing VFM in proposals to donors

Implementing: ensuring VFM during project implementation

  • Activity-based budgeting and calculating unit costs
  • Linking unit costs to outputs and outcomes
  • Identifying and improving decision-making processes which add or destroy value: partner selection; procurement; monitoring and evaluation; budget management; risk management
  • Reporting on the management of VFM

Reviewing: evaluating and reporting how VFM is achieved

  • Identifying indicators and measurement processes
  • Comparing and explaining different results
  • Estimating the hard to measure benefits
  • Reporting on the measurement of VFM

 Action planning: engaging your organization in developing a value for money action plan

  • Developing a SWOT for your organization in relation to VFM
  • How to engage key stakeholders in developing an organizational action plan on VFM
  • Overcoming obstacles


Participants should be reasonably proficient in English. Applicants must live up to Indepth Research Services (IRES) admission criteria.


The instructor-led trainings are delivered using a blended learning approach and comprise of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.

All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.


Upon successful completion of this training, participants will be issued with an Indepth Research Services (IRES) certificate.


The training will be held at the IRES Training Centre in in Kigali, Rwanda . The course fee covers the course tuition, training materials, two break refreshments, lunch, and study visits.

All participants will additionally cater for their, travel expenses, visa application, insurance, and other personal expenses.


Accommodation is arranged upon request. For reservations contact the Training Officer.

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mob: +250 789 621 067 

Tel: 020 211 3814


This training can also be customized for your institution upon request to a minimum of 4 participants. You can have it delivered in our training center or at a convenient location.

For further inquiries, please contact us on Tel: +254 715 077 817, +254 (020) 211 3814 or mail This email address is being protected from spambots. You need JavaScript enabled to view it.


Payment should be transferred to IRES account through bank on or before C.O.B. 9th September 2019.

Send proof of payment to This email address is being protected from spambots. You need JavaScript enabled to view it.


Payment for the all courses includes a registration fee, which is non-refundable, and equals 15% of the total sum of the course fee.

1.     Participants may cancel attendance 14 days or more prior to the training commencement date.

2.     No refunds will be made 14 days or less to the training commencement date. However, participants who are unable to attend may opt to attend a similar training at a later date, or send a substitute participant provided the participation criteria have been met.

Please Note: The program content shown here is for guidance purposes only. Our continuous course improvement process may lead to changes in topics and course structure.

Event Properties

Event Duration 5 Days
Event Date 16-09-2019
Event End Date 20-09-2019
Cut off date 09-09-2019
Individual Price(rwanda franc) R₣ 552,000
Individual Price (International) EUR 885
Individual Price(International in Dollars) USD 999
Location Kigali,Rwanda
We are no longer accepting registration for this event
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