What does "Best Value Procurement" prioritize in its selection process?

Best Value Procurement emphasizes a comprehensive evaluation that includes various factors such as quality, service, and price, rather than simply choosing the lowest bid. This approach recognizes that the most cost-effective choice may not always be the best in terms of overall value delivered to the organization.

By prioritizing quality and service, Best Value Procurement aims to ensure that the selected vendor not only meets the budgetary constraints but also provides goods or services that are satisfactory and reliable. This holistic view enables organizations to make decisions that contribute positively to their long-term outcomes, ensuring that they achieve not only financial efficiency but also operational effectiveness.

In contrast to seeking only the lowest bid, which may compromise quality or service, Best Value Procurement provides a framework for achieving better overall results. This method is particularly important in complex procurement scenarios where the impact of quality and service can significantly affect the project's success.