What are the Characteristic of best value in contracting?

Best value in contracting emphasizes a holistic approach to procurement that balances price, quality, and performance. Key characteristics include a focus on the total cost of ownership rather than just initial price, the evaluation of technical capabilities alongside cost, and fostering innovation and efficiency. Additionally, it encourages collaboration between stakeholders to achieve optimal outcomes while meeting project requirements. This approach aims to deliver the most advantageous overall solution for the organization.