All Australian governments and many international governments, particularly the United Kingdom, have established VfM as the fundamental foundation of decision making in government contracting. Whilst providing a definition of VfM is not difficult (there are many to choose from), it is more challenging to fully articulate in a way that is meaningful for a project on how to apply an agreed VfM proposition in project planning.55
This chapter explores the meaning of VfM, the VfM proposition and the associated accountabilities and responsibilities within the context of an alliance.