Which of the Following Best Explains 'Value for Money' in Procurement

question 22

Multiple Choice

Which of the following best explains 'value for money' in procurement? 

• A) Buying a product that is fit for purpose, taking account of the whole-life cost. 
• B) Buying a product at the cheapest price. 
• C) Buying a product efficiently. 
• D) Buying a product effectively.

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Definitions:

Society

A group of individuals living together in a more or less ordered community, sharing customs, laws, and organizations.

Recessive

A type of genetic trait or allele that is expressed in an organism only when two copies of the gene or allele are present.

Homozygous

Possessing two identical alleles for a trait.

Alleles

Two or more alternative forms of a gene that occupy the same position on paired chromosomes and affect the same trait.