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  • Definition of best value for money

    Topics:
    • Procurement, 
    • Procurement policy and guidance

    This is the current definition of ‘best value for money’ used by Construction & Procurement Delivery (CPD).

    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

    Related content

    • Details of legislation impacting on public procurement
    • Procurement Advisory Notes (PANs)
    • Procurement Policy Note (PPN) 04/21 Procurement Control Limits Frequently Asked Questions (FAQs)
    • Procurement Policy Notes (PPNs)
    • Understanding the collaborative procurement strategy
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