Value for Money definition

Value for Money means best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-grade ability, price, source, and the combination of whole-life cost and quality to meet SNDB’s requirements.

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Value for Money means procuring at the optimum combination of whole-life cost and quality to meet requirements.

Value for Money means the best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-grade ability, price, source, and the combination of whole-life cost and quality to meet the procuring agency’s requirements.

Examples of Value for Money in a sentence

• The overall purpose of the Procurement Oversight Agent (POA) is to ensure the Malawi health sector agencies procurement practice follows the Government of Malawi (GoM) Public Procurement Act 2003 and Procurement Regulations 2004 and that procurement is done with due regard to principles of efficiency, economy and the achievement of Value for Money.

• In close collaboration with the FCDO programme team, the Supplier is responsible for owning the overall TDDAP2 logframe and Value for Money (VfM) framework and reporting against this every 6 months.

• The purpose of UKGIP is to hold the assets and realise value though sales which represent Value for Money for the taxpayer.

• Value for Money (VfM): The VfM model is based on the existing PM framework, calculated from quantitative targets benchmarked to the current phase with additional cost factors incorporated into discount ratios.

More Definitions of Value for Money

Value for Money means that the provision of the institutional function or the use of state property by a private party in terms of the PPP agreement results in a net benefit to the institution defined in terms of cost, price, quality, quantity, risk transfer or a combination thereof.

Value for Money means that the undertaking of a public function of the contracting authority by a private party under a public private partnership results in a net benefit accruing to that contracting authority defined in terms of cost, price, quality, quantity, timeliness or risk transfer.

Value for Money means securing the optimum combination of cost, quality and effectiveness, including relevant Social Value criteria over the whole period of use; it does not mean minimising upfront prices i.e. the lowest or cheapest option; and

Value for Money means that the provision of the institutional function by a private party in terms of the public-private partnership agreement results in a net benefit to the institution, defined in terms of cost, price, quality, quantity, or risk transfer, or a combination thereof.

Value for Money means that the public private partnership agreement results in a net benefit, to the public entity or users, defined in terms of cost, price, quality, quantity or risk transfer or a combination of cost, price, quality, quantity or risk transfer.

Value for Money means the best available outcome for money spent in terms of the procuring agency's needs. The test of value for money requires relevant comparison of the whole of life costs and benefits relating directly to the procurement. "Whole of life costs and benefits" include fitness for purpose and other considerations of quality, performance, price, delivery, accessories and consumables, service support and disposal.

Value for Money means the undertaking by a procuring entity that results in a benefit accruing to that procuring entity defined in terms of cost, price, quality, quantity, timeliness and risk transfer; and