Definition of best value for money | Department of Finance

Best value for money is defined as the most advantageous combination of cost, quality and sustainability to meet customer requirements. In this context: cost ... Skiptocontent Definitionofbestvalueformoney Topics: Procurement Procurementpolicyandguidance ThereviseddefinitionofbestvalueformoneywasapprovedbytheProcurementBoardatitsmeetinginNovember2010andendorsedbytheExecutiveon22March2011. Whatisbestvalueformoney? Bestvalueformoneyisdefinedasthemostadvantageouscombinationofcost,qualityandsustainabilitytomeetcustomerrequirements. Inthiscontext: costmeansconsiderationofthewholelifecost qualitymeansmeetingaspecificationwhichisfitforpurposeandsufficienttomeetthecustomer’srequirements  sustainabilitymeanseconomic,socialandenvironmentalbenefits,consideredinthebusinesscase,insupportoftheProgrammeforGovernment [email protected]  Relatedarticles Detailsoflegislationimpactingonpublicprocurement Guidanceoninnovationandpublicprocurement Informationaboutprocurementthresholds Introductiontotheconstructionprocurementpolicyframework ProcurementAdvisoryNotes(PANs) ProcurementGuidanceNotes(PGNs) ProcurementPolicyNotes(PPNs) Resourcestosupportsustainabledevelopment Understandingthecollaborativeprocurementstrategy Backtotop