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Question 2 Value for money (VFM) forms a key procurement principle, and is derived from...

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Finance

Question 2

Value for money (VFM) forms a key procurement principle, and is derived from the optimal balance of benefits and costs on the basis of total cost of ownership (TCO). The nature of public procurement is such that it involves discretionary decision-taking on behalf of government at all levels. Value for money is therefore not a choice of goods or services which is based on the lowest bid price but a choice based on the whole life costs of the project or service.

a)What is your understanding of the aforementioned statement?

(10 Marks)

b) Explain competitiveness and transparency and their impotence to public procurement. (10 Marks)

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