How is 'best value' typically determined in public procurement?

In public procurement, determining 'best value' involves evaluating not just the price, but also various quality and service factors to ensure that the procurement decision provides the most beneficial outcome for the organization. This comprehensive assessment helps ensure that the selected vendor not only offers a competitive price but also meets the project's quality requirements and can deliver reliable service.

By considering a combination of price, quality, and service factors, procurement officials can make informed decisions that balance cost-effectiveness with the overall value provided. This approach allows organizations to avoid situations where the lowest bid may compromise quality or service delivery, thus protecting the long-term interests of the entity making the procurement. Ultimately, this method leads to better performance and satisfaction with the goods or services purchased.