Value for Money definition

Value for Money means best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-grade ability, price, source, and the combination of whole-life cost and quality to meet SNDB’s requirements.

Value for Money means procuring at the optimum combination of whole-life cost and quality to meet requirements.

Value for Money means the best available outcome for money spent in terms of the procuring agency's needs. The test of value for money requires relevant comparison of the whole of life costs and benefits relating directly to the procurement. "Whole of life costs and benefits" include fitness for purpose and other considerations of quality, performance, price, delivery, accessories and consumables, service support and disposal.

Examples of Value for Money in a sentence

• To comply with the Cabinet Office’ spend control12 requirements, the Recipient: must seek permission from the Authority prior to any proposed expenditure on advertising, communications, consultancy or marketing either in connection with, or using the Grant; and should provide evidence that any marketing, advertising, communications and consultancy expenditure carried out in connection with, or using the Grant will deliver measurable outcomes that meet government objective to secure Value for Money.

• Please summarise below the progress against KPIs in achieving the outcomes and targets, and highlight how Value for Money (e.g., benefits, savings, efficiencies etc.) is being achieved, and an up-to-date list of Delivery Partners.

• Progress Reporting In support of Annex A (Grant Claim) submissions the Recipient shall provide the following progress reports (the ‘Progress Reports’): Narrative reports detailing progress against KPIs in achieving the outcomes and targets, and highlight how Value for Money (e.g., benefits, savings, efficiencies etc.) is being achieved, up-to-date list of Delivery Partners.

• The Authority shall consider: how the Recipient has performed and sought to resolve any major issues that impact on its ongoing success, how the Recipient has secured good Value for Money in how the activities were carried out.

More Definitions of Value for Money

Value for Money means best returns for each rupee spent in terms of quality, timeliness, reliability, after sales service, up-gradeability, price, source, and the combination of whole-life cost and quality to meet the procuring agency’s requirements.

Value for Money means that the undertaking of a public function of the contracting authority by a private party under a public private partnership results in a net benefit accruing to that contracting authority defined in terms of cost, price, quality, quantity, timeliness or risk transfer.

Value for Money means that the public private partnership agreement results in a net benefit, to the public entity or users, defined in terms of cost, price, quality, quantity or risk transfer or a combination of cost, price, quality, quantity or risk transfer.

Value for Money means that the provision of the institutional function or the use of state property by a private party in terms of the PPP agreement results in a net benefit to the institution defined in terms of cost, price, quality, quantity, risk transfer or a combination thereof.

Value for Money means securing the optimum combination of cost, quality and effectiveness, including relevant Social Value criteria over the whole period of use; it does not mean minimising upfront prices i.e. the lowest or cheapest option; and

Value for Money means that the provision of the institutional function by a private party in terms of the public-private partnership agreement results in a net benefit to the institution, defined in terms of cost, price, quality, quantity, or risk transfer, or a combination thereof.

Value for Money means the optimum combination of whole life cost and quality (or fitness for purpose) to meet the Council’s requirements.