V – glossary definitions

V glossary

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Value

The cost of the item.

Value for money

It is determined by considering all factors relevant to a particular purpose. It includes the cost of the goods and services, whole of life costs, innovation and value adding components, such as meeting the government's economic, social development and environmental policy objectives.

Value for money does not automatically mean the 'lowest price'. It is important to be clear about how value for money will be determined in any particular set of circumstances before assessing tenders.

Variance

The difference between planned cost in the budget and actual cost.

Vendor

A vendor is a supplier of goods or services.

Volunteer

A person who offers services for no financial gain.

Voluntary school contributions

Can be made by parents/carers of pupils to supplement resources available to the school. Schools are notified each year of the capped level of voluntary contributions and are permitted to increase their levels as guided by Schools Finance. Principals must work within the Code of Practice (DOC 47 KB) on all matters relating to school contributions.

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