Abstract:
A Best Value approach to procurement decision-making was adopted in varying ways by businesses and
governments in a number of countries during the 1990s. While its precise definition is elusive, the emergence of a
Best Value culture in procurement has set the scene for significant debate about the merits of the concept and the
complexity of achieving its goals. This paper examines the notion of Best Value or Value-for-Money from a number
of perspectives. First, some of the challenges involved in defining Best Value are examined. Second, the nature of
the Best Value concept in public procurement as compared with the private sector, will be considered. The paper
concludes with a discussion of some of the complex contracting problems that arise from efforts to achieve Best
Value outcomes.
