Section 3(k) in Tamil Nadu Infrastructure Development Board Regulations, 2013
(k)"Value for Money Assessment" (VFM) means the quantitative and qualitative assessment of the costs and benefits associated with a project undertaken in accordance with regulation 11. VFM is used to establish whether implementing a project in the Public Private Partnership mode is an economically optimal proposition for the Government or the public agency. VFM takes into account direct and indirect project execution costs, financing costs, transaction costs, cost of asset transfer on project completion, project monitoring costs and a cost estimation of the possible risks thereof;
