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from point of procurements
The principle of value for money when procuring go
ods or services does not necessarily mean selecting the lo west price, but rather the best possible outcome for the total cost of ownership (or whole-of-life cost).” “Value for money is achieved by selecting the most appropriate procurement method for the risk and value of the pr ocurement, andnot necessarily by using a competitive tender
to redirect the resources to the activities or the task required no need to squander the resources
best value remain the essence of procurement process
The process of procurement is in fact an activity through which we exchange money for obtaining goods and services. The Money Value in this context refers to the intrinsic and real value of the commodity we obtain in bargain. It is professional duty of a buyer to obtain the maximum possible value of money spent in the process of procurement.
The worth you get by spending hard cash. Value is very relative term and it differs from place to place, person to person and economy to trade.
