Best Value Acquisition

Best Value Acquisition is a procurement approach that aims to select the supplier offering the optimal combination of quality, cost, and other factors important to the project, rather than just the lowest price. It involves evaluating multiple criteria—such as technical skills, experience, delivery times, and service quality—alongside price to make a well-rounded decision. This method ensures organizations get the most advantageous outcome, balancing cost efficiency with high standards and long-term value, leading to better overall results rather than just the cheapest option.