Value for money

An example would be where the consultant had already invited competitive quotations for supplying air-handling units so that he could design a particular make into the system and ensure that his client received the best value for money. The bidder would include in his bid, either separately shown or in the body of his figures, a sum to cover profit and on-cost in handling the equipment. The contractor appointed would be responsible for organizing delivery and would give a warranty on the equipment, in accordance with the contract. This aspect is amplified in Section 8.20. 

Clearly, there are horses for courses . The practicing plant engineer may have access to a local specialist in certain types of non-destructive testing who provides an excellent service and value for money. At the same time, the plant engineer must be vigilant regarding the limitations of such support. 

True. Misuse of all three can become extremely expensive (see answer 23). It is difficult to consider use of street drugs or cigarettes as anything other than an expensive waste of money. However, sensible and moderate use of alcohol may give some value for money in the form of relaxation and pleasure. 

Matheson LA, Cook HM, McKenna P, et al (1994). Value for money care for patients with schizophrenia. Br J MedEcon 7, 25—34. 

At a time of rising expenditure and budget constraints, all health-care systems require evidence about the value for money of the care provided. This includes comparisons of the... 

A systematic search of published literature identified 13 studies concerned with the value for money of acetylcholinesterase inhibitors. The majority were cost analyses of the potential savings in providing health and social care which may accrue from the introduction of these drugs. However, the available clinical evidence is not sufficient to support the assumption that acetylcholinesterase inhibitors are equivalent to other interventions in terms of clinical effect or side effects (Birks and Melzer, 1999 NICE, 2001). Furthermore, research to assess potential cost savings implicitly assumes that... 

In the near future new drugs for the treatment of Alzheimer s disease are expected to be licensed, and it would be extremely valuable to be able to compare them in a clear and well-defined framework. In addition, if economic evaluation is to inform health and social care providers and policy-makers about the potential impact of new interventions in practice, estimation of the value for money of these new interventions requires consideration of (a) the perceived and objective risks and benefits of care (b) attitudes of people with... 

Brett, C. M. A. and Brett, A. M. O., Electroanalysis, Oxford University Press, Oxford, 1998. This text is a recent addition to the Oxford Primer Series and, as such, is affordable and good value for money. Although not long, it does provide a clear and concise introduction to electroanalysis. Probably on the difficult side for many undergraduates of analytical chemistry, but nevertheless is still worth a look. 

Compton, R. G. and Sanders, G. H. W., Electrode Potentials, Oxford University Press, Oxford, 1996. This book is another in the Oxford Primer Series, and thus represents good value for money. The treatment of the Nernst equation, in particular, is thorough and straightforward. This book contains copious examples and exercises in the form of self-assessment questions (SAQs). Note, however, that it does not cover sensors. 

First, NICE S recommendations are as likely to increase expenditure as to reduce it. The purpose of their evaluations has been clearly stated as being to identify value for money, not whether the NHS could afford the intervention. Second, postcode rationing exists because the exercise of clinical discretion locally results in treatments being available In one place and not in another. As new products are accepted by NICE, local decision-makers have to decide, given their finite resources, which old products and procedures to eradicate and which efficient products and services to provide. Local choices will inevitably vary, and as a consequence one form of postcode rationing will simply replace another. ... 

The advent of NICE heralds a new era in which evidence about cost-effectiveness is formally required to help determine whether new interventions should be made available at public expense, ffowever, definitive yes/no decisions about market access have major implications for pharmaceutical companies. Economic information available at launch can only provide initial guidance about value for money. Further evidence on cost-effectiveness in real-world use will also be required. 

In the United Kingdom, the Department of Health asks NICE to evaluate health technologies that have a major impact on the National Health Service. Although not formally based on efficiency considerations, this approach is more consistent with obtaining the best value for money from the use of resources on economic evaluation. More recently, methods involving the estimation of the expected value of perfect information have been used in a pilot study to inform research priorities in the United Kingdom (Claxton et al. 2004). 

The demands in the health care industry are greater than ever because customers (government, physicians, pharmacists, patients, and health insurance companies) are more interested in product safety, efficacy, and potency and asking value for money. 

It could be argued that pharmacoeconomics is a serious attempt to determine if a particular drug, no matter its origin, offers value for money. This issue will continue to be of interest to everyone involved in treatment of disease by biotechnologically derived drugs. 

Henry, D. A., S. Hill, and A. Harris. 2005. Prescription Drug Prices and Value for Money. The Australian Pharmaceutical Benefits Scheme. JAMA 294 (20) 2630-2632. 

The need to achieve quality in activities, services, and products has been recognized to ensure that the organization meets well-defined objectives, satisfies its users/customers expectations and contractual requirements, complies with applicable standards and specifications, and provides value for money. 

And, while it is no doubt true that learning all about modem water treatment technology is seldom a top priority for most production or utility engineers, some understanding of the practical application and the market forces within the industry must be of benefit to them as they work with service companies and strive to get good value for money. 

Let us consider common users first people who are not worried about the strengths of cryptographic algorithms or the quality of the implementation, but who are interested in value for money, and want value for effort and ease of use. 

This flexible approach to certification has also led us to take a more holistic view of RM production. Interlaboratory certification studies frequently highlight significant measurement problems, sometimes in a large number of participating laboratories. The tendency has been to make participants aware of this situation through the certification report but to take little other action. In future we aim to provide better value for money to both... 

The hopes of the producers of imitative products are therefore often disappointed. Where such products are successful in the marketplace, it is not because of the closeness of their perfume to that of the original but simply because the product offers good value for money. The perfumer s time would have been better spent, and the client s interest better served, had the perfumer expended time and effort in making a perfume "in the family of that delivers optimal performance and optimal value for money in the customer s product base. 

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