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Best Value: The expected outcome of an acquisition that, in the governments estimation, provides the greatest overall benefit in response to the requirement.
Best value procurement (BVP) is a procurement method that looks at factors other than only price, such as quality and expertise, when selecting vendors or contractors. In a best value system, the value of procured goods or services can be simply described as a comparison of costs and benefits.
Best-value contracting is a procurement process allows owners to consider other factors in addition to price in the award and execution of construction contracts.
A low-cost bid looks only at the cost of a service and no other factors. With a best-value RFP, the government employee requests information about important components for that service and then scores the RFP based on their value to select the winning bid.
The best-value selection process will evaluate the ability of the Design-Builder to manage, design, construct and control this Project to provide a quality product, on or ahead of schedule, for a reasonable lump sum price within the Departments project budget.
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