Value for Money Policy
Newcastle University is committed to delivering value for money as an integral part of its corporate and academic strategy. While it has a specific responsibility to achieve VFM from its use of public funds, this principle extends to all sources of funding. Similarly, the responsibility for pursuing VFM lies with all staff, and not just those with financial duties.
To meet its commitment to achieving VFM the University has set itself the following objectives:
- To integrate VFM principles within existing management, planning and review processes.
- To adopt recognised good practice where this makes sense.
- To undertake VFM studies on areas of activity identified as worthy of review.
- To benchmark our activities against other similar activities and organisations where this is considered useful.
- To respond to opportunities to enhance the economy, efficiency and effectiveness of activities.
- To promote a culture of continuous improvement.
- To ensure that all staff recognise their continuing obligation to seek VFM for the institution as part of their routine activities.