Best Value Procurement

Best Value Procurement is a method used by organizations to select suppliers or contractors based on the overall value they provide, rather than simply the lowest price. It considers various factors such as quality, reliability, service, and the total cost of ownership over time. This approach helps ensure that the chosen option meets the organization's needs effectively and sustainably, potentially leading to better outcomes and savings in the long run. By focusing on value, organizations aim to achieve a balance between cost and quality in their purchasing decisions.