The overarching requirement for procurement is value for money. In most procurement activities there are at least three broad types of benefits, costs and risks which need to be considered:

up-front benefits/costs and risks

after-purchase benefits/costs and risks

benefits/costs associated with the fitness-for-purpose of the goods or services procured.

Once risks, costs and benefits have been identified, it is necessary to assess the equivalent money value where this is practicable. By making an informed and supportable decision about these benefits, costs and risks, it is more likely that value for money can be achieved.

The Board's Statement on Value for Money assists decision-makers to make informed and supportable decisions about value for money when planning procurement.