The concept of value for money (VfM) in development work is the subject of much debate and confusion. In VfM analysis by development agencies, four key terms known as the 4 Es are often used. These are Economy – minimizing costs; Efficiency – getting more results for the costs; Effectiveness – successfully achieving the intended outcomes; and Equity – reaching different groups. How are these terms interpreted and applied by development practitioners? Are we getting value for money in development work – and that includes evaluation of development work?