What does best value procurement focus on?

Best value procurement is a strategy that emphasizes a holistic evaluation of offers, taking into account a combination of price and non-price factors. This approach recognizes that the lowest bid alone may not necessarily lead to the best outcomes for the project. Instead, it seeks to identify the most advantageous offer by considering factors such as quality, technical merit, service, and lifecycle costs alongside the initial bid price.

Incorporating these diverse factors ensures that the procurement process aligns with the overall goals of the project, enhancing value and efficiency. This method ultimately supports better decision-making, leads to improved project performance, and can result in long-term benefits that go beyond just monetary savings. By focusing on a broader set of criteria, best value procurement assists organizations in selecting solutions that meet their specific needs and objectives.