Definition of best value for money

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