2.  Components of Value for Money

Value for money, as defined, includes the traditional components of time, cost and quality; and in considering alternative options, the broad classes of scope options and procurement / funding options need to be considered. The final component of value is effective delivery of the preferred option as illustrated below:

These components can be considered differently at different stages of developing an investment programme, developing individual projects and procuring a project. These stages are referred to in the Guidance as:

•  Stage 1 - Programme Level Assessment - overall strategic investment decisions

•  Stage 2 - Project Level Assessment - projects prior to launching procurement

•  Stage 3 - Procurement Level Assessment - projects during procurement and delivery.