Best Value Definitions

Term	Definition
Best Value	The most advantageous balance of price, quality, service, performance, sustainability and other elements, as defined by the University. Determined by objective performance criteria that may include price, features, long-term functionality, life-cycle costs, sustainability, and required services.
Best Value Agreement	An agreement built on the most advantageous balance of price, quality, service, performance, sustainability and other elements, as defined by the University, and achieved through methods in accordance with the Public Contract Code (PCC).
Best Value Awardee	The lowest responsible bidder or bidders who are awarded an agreement through the use of Best Value for the bid evaluation methodology.
Best Value Criteria	The criteria determined by end users to be important in evaluating bids.

• Best Value is officially defined in the Public Contract Code 8. section 1
• The goal of Best Value is to find the ideal balance between:
  • cost (including delivery, maintenance, and disposal)
  • functionality
  • economic/social/environmental impact
• The intent of Best Value is to minimize overall cost of the good/service and maximize the value.
• The mindset behind Best Value is to look long-term, to whole picture of ownership, rather than short-term, where you focus primarily on cost.