When making any kind of purchase, it pays to do your homework and compare prices from different vendors before settling on a final deal. Know what you want. Be patient. Consider long-term costs.

Sometimes, cheaper items may end up costing more in the long run if they need to be replaced more frequently than higher-quality alternatives. In short, value for money is all about getting the most bang for your buck. Access more blogs, articles and FAQ's relating to procurement.

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oboloo Articles. What is Value For Money Vfm? Book A Free Demo. Find Out More. What is Vfm? In order to assess value for money, procuring organizations need to consider a number of factors including: 1.

The social impact of the product or service Organizations need to strike a balance between achieving value for money and meeting their organizational objectives. However, there are some general principles that can be followed when assessing value for money: 1. Make sure you are comparing products or services that are similar in terms of Why is Vfm Important?

There are a number of reasons why VFM is important: 1. How to Calculate Vfm In order to calculate Vfm, you will need to consider the following factors: -The cost of the product or service -The quality of the product or service -The features of the product or service -The benefits of the product or service Once you have considered these factors, you will need to weight them in order to calculate an overall score.

What are the Different Types of Vfm? How to Improve Your Vfm There is no one-size-fits-all answer to improving your value for money, as the best way to achieve this will vary depending on your specific circumstances.

However, here are a few general tips that can help you get more bang for your buck: 1. Conclusion In short, value for money is all about getting the most bang for your buck.

Share on Social Media. x facebook linkedin. Want to find out more about procurement? Find out more. Linkedin Twitter. Home Sourcing Contract Management Supplier Management Savings Management. Contact Us. All rights reserved. by Grace C. Lin, AIA, CDT, DBIA.

Some fundamental questions are: Is there a fit for the purpose? Do the design and specifications provide value for the money?

The OPR encompasses performance-based specifications, long-term agreements for new or existing assets and services, including agreements paid for by service or end-users.

The VfM analysis plays an important role in many P3 programs. The VfM is used for cost-benefit and options analysis to inform decision-makers whether to select and implement, whether to approve or reject the proposed design and construction elements, material specifications, building systems, or other building components, and pursue the project.

VfM analysis typically involves both qualitative and quantitative analysis. For example, the assessment criteria include feasibility, economic, and commercial viability of the proposed design and its impact on the project. What is the likelihood of the proposed design to provide adequate Return on Investment ROI to attract good-quality investors?

Is the proposed design affordable? How will design specifications perform to fulfill the financial obligations of the project? The VfM analysis is used to plan cost, track cost, manage risk, and stay within available funds for a realistic built environment that meets the OPR.

The earlier stages of VfM analysis are crucial for decision making; however, the later stages also need to be monitored attentively, constantly manage emerging risks, double-check earlier decisions or conclusions, as the design develops, and more information unfolds.

As a rule of thumb, there are five stages of VfM analysis:. Whether assessing different procurement and delivery options, a proposed design, or other goods and services, the VfM analysis requires a long-term consideration and can be a challenging undertaking. Making decisions in the early stages for a long-term impact can be intimidating.

With design-build, knowledge is brought forward into the process to inform decision making. Identifying metrics that matter will help inform how to approach the reiterative processes of design using Target Value Delivery TVD , value engineering, and business decision-making.

The ability to allocate or transfer risks effectively involves, but is not limited to, the following best practices:. Practicing VfM analysis can be taxing but there is much to be gained from it.

It alleviates rework, cost, and delay, that often occur in design-bid-build delivery. VfM enables decision-making by weighing the cost against the associated benefits for Owners to strike a balance between qualitative and quantitative approaches.

For example, in a progressive design-build project delivery method, there is very limited data to inform assumptions for quantitative analysis. Hence, a greater emphasis is given to scrutinizing the qualitative aspects of decision-making. Qualification-based selection QBS is used to recruit and engage the appropriate subject matter experts and experienced professionals that are critical to ensuring proper inputs for optimum outputs towards achieving value from a project both in its design and implementation.

The VfM analysis promotes the transparency of delivery as well as metrics. Such thorough and systematic risk management is a critical part of the project delivery and is instinctive for continuous improvement.

The results of VfM analysis may inform the risk and reward and set the bottom line of the envisaged project.

This paper seeks to address confusion regarding the concept of value for money (VFM), and promote a more constructive discussion Value for money has been defined as a utility derived from every purchase or every sum of money spent. Value for money is based not only on the Value for money development should be economic: inputs have been procured at the least cost for the relevant level of quality. For example, in evaluating a

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