The Value for Money for Transport Infrastructure Projects and Its Marketing Components – Conceptual Thoughts and Reflections
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Purpose: There is a need to insure effectiveness in public transport infrastructure capital outlays. The Value for Money (VfM) concept has been embedded in political economy and management without a clear methodological framework and accepted definitions. This paper addresses methodological boundaries and opportunities for implementation of the VfM concept with special consideration to its marketing components. Methodology: A literature review and assessment of practical experience has been completed. An evaluation of the VfM logic is also provided. The VfM functions and application as an analytical, management and marketing tool are analyzed. Findings: The VfM project assessment methodology can be used to insure the best possible input costs and impacts ratio. The maximization of VfM is possible if this approach is correctly and fully implemented. Additional methodological and conceptual work is needed to ensure its full applicability. This concerns also marketing elements of the VfM concept. Originality: The paper presents a complex approach to VfM as an analytical and management procedure. It contributes to research advancement in this insufficiently explored area. Keywords: value for money, infrastructure, government, value for money 3E approach, value for money, marketing
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