A balanced judgement of a range of financial and non-financial factors. It considers the mix of quality, cost and resources; fitness for purpose; total cost of ownership and risk. Consistent with the definition in the Act, value for money has the same meaning as the relevant supply policy, standard or direction under the Financial Management Act 1994 or the Project Development and Construction Management Act 1994 (as the case may be). For more information about value for money when procuring goods and services see: https://www.buyingfor.vic.gov.au/value-money-goods-and-services-guide.
