Over the past years, a new vision on how to measure success on public procurement has been
developed. Procurement decisions based only on price have evolved into a multicriteria approach
that considers additional dimensions such as quality and sustainability. A commonly accepted form
to express this change is the idea that procurement should achieve the best Value for Money (VfM).
In practice, this has been interpreted as the capacity to award contracts taking into consideration
economic, environmental and social dimensions of the bids using both monetary and non-monetary
criteria. Under competitive procedures or negotiations, the best VfM can be typically formalized in
an evaluation formula, a rule that assigns common values to different bid elements that are
frequently expressed in different measurement units.
However, VfM, more than a formula, is an approach and a principle which meaning, scope and
relevance is still being discussed in different forums. The Inter-American Network on Government
Procurement joins the debate and dedicates its XII Annual Conference to discuss the key elements
to understand this important concept and its integration to the different stages and modalities of
- Inter-American Network on Government Procurement
- Inter-American Development Bank
- Organization of American States
Our DIGIWHIST researcher Daniel Tanis (Cambridge University) will be one of the expert speakers in session 4 of the conference titled “Is integrity a good business for public procurement?”
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