Best Value Procurement
BV is a procurement process where price and other key factors can be considered in the evaluation and selection process to minimize impacts and enhance the long-term performance and value of construction.
Other key factors/criteria to consider may include:
- Quality performance
- On-budget performance
- Ability to minimize change orders
- Ability to prepare plans
- Technical capacity and qualifications
Although BV is another tool to address tighter project deadlines and increasing pressure to deliver high-quality projects at a lower cost, it should not be used as a method of restricting competition or applying arbitrary or unreasonable discretion in the selection of contractors. When determining the criteria that your stakeholders feel are most critical to a successful project, keep in mind that the BV process chosen must be justifiable and defensible.