What is best value for money?
Best value for money is defined as the most advantageous combination of cost, quality and sustainability to meet customer requirements.
In this context:
- cost means consideration of the whole life cost
- quality means meeting a specification which is fit for purpose and sufficient to meet the customer’s requirements
- sustainability means economic, social and environmental benefits, considered in the business case, in support of the Programme for Government
For more information contact procure.policy@finance-ni.gov.uk