Best value is a trade-off between price and performance that provides the greatest overall benefit under the specified selection criteria. The term is closely associated with value for money. Seeking best value involves considering the quality of the solution proposed, the total life costs, service and support issues, sustainability etc. In higher value procurement projects, the bid evaluation criteria and their respective weightings will give expression to the perception of what represents the best value. See also Value for Money.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
