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  2. Procurement Steps
  3. Step 1 | Plan
  4. An introduction to procurement
  5. What is value for money?
  6. Key principles of achieving value for money

Key principles of achieving value for money

There are a number of key principles of attaining Value for Money (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

 

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  • Procurement Steps
    • Step 1 | Plan
      • An introduction to procurement
        • Procurement vs Purchasing
        • What is value for money?
          • Assessment of risk
          • Good Practice Guide Thresholds
          • Key principles of achieving value for money
            • Develop appropriate contract strategies that are actively managed
            • Have a strategic approach to procurement
            • Make appropriate use of electronic procurement
            • Manage procurement risk
            • Measure and evaluate performance
            • Partnerships and longer-term collaboration
            • Reliable management information
          • Quality
          • Value
          • What is whole life costing?
        • Why is procurement important?
      • Training
    • Step 2 | Build
    • Step 3 | Develop
    • Step 4 | Deliver
    • Step 5 | Review
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