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Value For Money

Value For Money. OCR Stage 7. What is it?. We use Value for Money when deciding which of TWO [or more] choices of what to buy For example 750g of Corn Flakes for £2.25 250g of Corn Flakes for £0.80. How to decide on Corn Flakes. This is a simple case The 750g pack is 3 x 250g

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Value For Money

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  1. Value For Money OCR Stage 7

  2. What is it? • We use Value for Money when deciding which of TWO [or more] choices of what to buy • For example • 750g of Corn Flakes for £2.25 • 250g of Corn Flakes for £0.80

  3. How to decide on Corn Flakes • This is a simple case • The 750g pack is 3 x 250g • 3 x 250g = 3 x £0.80 £2.40 A 750g pack only costs £2.25 Best Value for Money is the 750g pack Get same amount for LESS cost

  4. Other Methods • But most questions are not that simple • Need another method • There are actually 2 ways to compare prices and Value for Money

  5. #1 Price Per Unit • In the Cornflakes example, we can compare price per gram 250g Pack £0.80 750g Pack £2.25 0.8 250 2.25 750 = £0.0032 = £0.003 per gram per gram Best Value is LOWEST cost per gram

  6. #2 Units per pence [or £] • In the Cornflakes example, we can compare UNITS per £ 250g Pack £0.80 750g Pack £2.25 250 0.8 750 2.25 = 312g = 333.3…g per £ per £ Best Value is HIGHEST quantity per £

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