Which of the following best explains 'value for money' in procurement?
A) Buying a product that is fit for purpose, taking account of the whole-life cost.
B) Buying a product at the cheapest price.
C) Buying a product efficiently.
D) Buying a product effectively.

Question

Which of the following best explains 'value for money' in procurement? 
A) Buying a product that is fit for purpose, taking account of the whole-life cost. 
B) Buying a product at the cheapest price. 
C) Buying a product efficiently. 
D) Buying a product effectively.

Quizplus · Accepted Answer

'Value for money' in procurement refers to buying a product that is not only fit for purpose but also takes into account the whole-life cost. This means that the product should be cost-effective in the long run, even if it is not the cheapest option upfront. Therefore, option A is the most accurate. Options B, C, and D do not fully capture the concept of value for money in procurement.

Which of the Following Best Explains 'Value for Money' in Procurement