What is "Value for Money"

In Procurement we often hear the words "Value for Money" but what is value for money and what does it mean?

Value for money is described as “achieving the desired outcome at the best possible price”. In other words, the cheapest quotation does not mean you are buying value for money.

In order to get the best possible value for money we need to weigh up the costs and benefits of each quotation submitted by a supplier.

Buying based on price only can very costly

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