Definition of 'Best Value for Money'

The revised definition of Best Value for Money was approved by the Procurement Board at its meeting in November 2010 and endorsed by the Executive on 22 March 2011.

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 

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