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Engaging the economic facts and valuations underlying VfM in public procurement

Research output: Contribution to journalArticleScientificpeer-review

Details

Original languageEnglish
JournalPublic Money and Management
Volume39
Issue number3
Early online date2018
DOIs
Publication statusPublished - 2019
Publication typeA1 Journal article-refereed

Abstract

This paper examines the possibilities and limitations in pursuing value for money (VfM) in public procurement. There is ambiguity about the VfM concept and the methods that public procurers should be using. It is difficult for decision-makers to thoroughly understand the economic facts and valuations underlying VfM. The authors explain the conceptual VfM challenges and present a path to overcoming these with a lifecycle costing (LCC) approach in an indepth case study in the Finnish waste management context.

Publication forum classification

Field of science, Statistics Finland