Economics · Management Accounting & Performance Evaluation
A hospital management team assesses performance using Value for Money (VfM). The following performance measures are reported by surgical departments: (1) The number of patients who need to be re-admitted following surgery (2) The staff cost of each surgical procedure Which elements of Value for Money are assessed by measure (1) and measure (2) respectively?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(1) Effectiveness, (2) Economy✓
- 2(1) Effectiveness, (2) Efficiency
- 3(1) Efficiency, (2) Effectiveness
- 4(1) Economy, (2) Efficiency
Correct answer
(1) Effectiveness, (2) Economy
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