Impact of Asset Management on Value for Money

Abstract

v ABSTRACT The study was conducted within the Tanzania Immigration Department to assess impact of asset management on achieving value for money specifically, examining the effect of asset acquisition, asset usage and asset disposal on value for money in Tanzania Immigration departments. The study employed agency theory, resource-based theory and transaction cost economics theory. It used quantitative research design, data collection involved interview, survey and documentary review by using questionnaire conducted amongst 96 employees within the Tanzania immigration department, employing Likert scale questionnaires. The research utilized SPSS v23 for data analysis and was conducted within Tanzania immigration department. The study revealed that respondents generally perceived the procurement process for asset acquisition as efficient, emphasizing its significance for cost-effectiveness. However, insufficient funding was noted to negatively impact asset acquisition's value for money, highlighting the importance of diverse funding sources. Clear and detailed asset specifications were recognized as crucial for maximizing value for money. Adequate asset specifications were found to directly affect asset performance and longevity. In conclusion, cost-effective asset management practices, satisfying stakeholders, and efficient processes were identified as key factors in achieving value for money outcomes. The study recommends continuous improvement in asset management processes and proactive engagement with stakeholders. Efforts to enhance asset utilization, maintenance practices, and operational performance were recommended to optimize asset value. The study further indicated room for improvement in the current asset disposal method to maximize revenue and reduce disposal costs