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Get the free Value for Money - Guidance Note on Procurement

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CORPORATE SERVICES SECTOR | PROCUREMENT MANAGEMENT SUBSECTION PROCUREMENT MANAGEMENT DEPARTMENT REQUEST FOR QUOTATION Negotiated Procurement Small Value Procurement [Project Identification Number
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Value for money refers to the principle of maximizing the benefit obtained for the resources expended. It emphasizes achieving the best outcomes and effectiveness in relation to the costs incurred.
Entities or individuals who are involved in publicly funded projects or government programs are typically required to file value for money assessments.
To fill out a value for money submission, one must include details regarding costs, expected benefits, comparison with alternative options, and justification for expenditures, following specific guidelines provided by the governing body.
The purpose of value for money is to ensure that resources are used efficiently and effectively, providing accountability for public spending and supporting informed decision-making.
Information that must be reported includes the costs involved, anticipated outcomes, assessment of alternatives, justification of the chosen approach, and any relevant performance measures.
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