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:

Market Demands

The total amount of goods or services that consumers in a specific market are willing and able to buy at a certain price level during a specified period.

Small Businesses

Companies with a small number of employees and relatively low volume of sales, typically privately owned.