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- Home
- Step 1 - A strong lead
- An Introduction to Procurement
- What is Value for Money
- Key principles of achieving VFM
Key principles of achieving value for money
last updated:
21st January 2015
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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