DEFINITION OF QUALITY- VALUE FOR MONEY
One can find a number of definitions of quality. Definition of the quality will be influenced by how well numerous aspects of performance are able to provide satisfaction of multiple wants and further distinguished by the subjective importance attached by the individual. Here quality is equated with value for money and is assessed against such criteria as standards and reliability.
Quality as a value of money:
- Under this definition quality is described as the price you can afford to pay for your requirements at a reasonable cost, which means quality is compared with the level of specification and is directly related to cost.
- However, it ignores the effect of competitiveness which is based on the assumptions of quality improvement. Here quality is equated with value for money and is assessed against such criteria as standards and reliability.
- The value for money definition therefore suggests the idea of accountability (e.g. public services are accountable to the Government).
- In general, market forces and competition help to develop the links between the value for money and quality.