What does "best value procurement" focus on when selecting contractors?

"Best value procurement" is a selection method that emphasizes a comprehensive evaluation of contractors based on multiple criteria rather than strictly focusing on the lowest bid. By concentrating on quality, service, and price, this approach seeks to identify a contractor that will deliver the best overall value for the project.

Quality refers to the standard of work expected from the contractor, and it assesses whether the contractor can meet the specific requirements and specifications outlined in the project criteria. Service relates to the contractor's ability to provide adequate support throughout the project, including communication, responsiveness, and adherence to timelines. The price component is still essential, but it is weighed alongside these other factors to ensure that the selected contractor not only offers competitive pricing but also the quality and service needed for successful project execution.

In contrast to options focusing exclusively on cost, speed, or past project quantity, the best value procurement method aims at a balanced decision-making process that reflects the long-term value and performance of the contractor. This holistic assessment helps to mitigate risks and enhances the likelihood of project success.