Best Value (Procurement theory)

Best Value in procurement is a purchasing approach that considers not only the initial cost but also factors like quality, reliability, service, and overall long-term performance. Instead of simply choosing the cheapest option, the goal is to identify the supplier or product that offers the best combination of price and value to meet specific needs. This method aims to maximize benefits and ensure a good return on investment, balancing cost-effectiveness with quality and other important criteria for better overall outcomes.