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Step 2 - A clear picture
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Procurement
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Procurement Cycle
- Procurement Cycle Graphic
- Requirement to purchase identified
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Procurement Cycle
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Procurement
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Step 4 - Into action
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Procurement Procedures
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Tender documentation
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EU Public Procurement Legislation
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- Key principles of achieving VFM /
Key principles of achieving value for money
last updated:
1st August 2011
There are a number of key principles of attaining best VFM:
- Have a strategic approach to procurement
- Make appropriate use of electronic procurement
- Manage procurement risk
- Develop appropriate contract strategies that are actively managed
- Develop partnerships and longer term collaboration with suppliers, when appropriate
- Ensure there is reliable procurement financial and management information
- Measure and evaluate procurement performance
from “Value for Money Procurement Guide” published by the National Audit Office.
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