The primary objective of a public sector entity is to ensure value for money is...

CIMA F3 Question Answer

The primary objective of a public sector entity is to ensure value for money is generated.

Value for money is defined as performing an activity so as to simultaneously achieve economy, efficiency and effectiveness

Efficiency is defined as:

spending funds so as to achieve the objectives of the entity.

performing activities in the least amount of time possible

obtaining maximum output from minimum inputs

obtaining quality inputs at minimum cost.

CIMA F3 Summary

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