Theory or practice? the search for value for money in engineering education

Engineering education was predicated on two sources. One on trade apprenticeship where people that are trained locally under the tutelage of someone are engaged in further studies to broaden their theoretical and practical knowledge. The other source of engineering education was within the four walls of the educational institution which has in its core natural sciences and it emphasizes specialization in a specific aspect of engineering. This study seeks to understand if value for money in engineering education is in theory or practice. Value for money is one of the measures of quality of education. Value for money as a concept that has been defined by various authors and the World Bank defined value for money as the effective, efficient, and economic use of resources, which requires the evaluation of relevant costs and benefits with the assessment of risks and of non-priced items and/or cost of life cycle. The objective of this research is to determine if the search for value for money in engineering education is a theory or practice. Findings from the study revealed that engineering education is one of foundation for the development of the society. By engineering education, the dynamics of life has been influenced and also human culture giving more substance to civilization and politics. It was also found out that value for money is not only a financial marker but it has with it various economic, social, physical dimension. In engineering education costs are expended and this this necessitates the drive for value for money. This study recommends that there is a need for better measures of value for money in engineering education and there is a need to advance knowledge on the theories of engineering to ensure relevance in this changing era.