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What Is Value for Money in Procurement?
A core Procurement Act 2023 objective: securing the best mix of cost, quality and outcome over the life of a contract.
Does value for money mean the lowest price?
No. It means the best balance of cost, quality and outcomes over the life of the contract, including whole-life costs.
How does value for money show up in tenders?
Through award criteria and weighting that combine price with quality, social value and other relevant factors.
Is value for money a legal requirement?
Yes. It is one of the procurement objectives buyers must have regard to under the Procurement Act 2023.
