What is the meaning of best value for money?
Best value for money is defined as the most advantageous combination of cost, quality and sustainability to meet customer requirements. In this context: cost means consideration of the whole life cost. quality means meeting a specification which is fit for purpose and sufficient to meet the customer's requirements.
If something is good value for money it offers many features you would expect to find in a more expensive model (of whatever). If it is economical it is also cheap to run and maintain. Something can be good value for money but not necessarily economical. I'd say the printers were cost-effective.
Value for money is the effective, efficient, and economic use of resources, which requires an evaluation of relevant costs and benefits along with an assessment of risks, nonprice attributes, and/or total cost of ownership as appropriate.
“Good value for (the) money” means the price is very reasonable, and it wouldn't be odd to pay more.
- Cost Effectiveness Analysis (CE Analysis). ...
- Cost Utility Analysis (CU Analysis). ...
- Cost Benefit Analysis. ...
- Social Return on Investment (SROI). ...
- Rank correlation of cost vs impact. ...
- Basic Efficiency Resource Analysis (BER analysis).
Best value for money is defined as the most advantageous combination of cost, quality and sustainability to meet customer requirements. In this context: cost means consideration of the whole life cost. quality means meeting a specification which is fit for purpose and sufficient to meet the customer's requirements.
Calculating the best value with a calculator: The easiest method to use is to calculate the unit cost in each deal (the unitary method). If 24 kg of dog food costs £50, then the cost of 1 kg would be £50 ÷ 24 = £2.083 per kg.
But the intended buyer of a car like this is not looking for value for money. The specifications may not be enough, the software is not ready, and there may be better value for money in the near future. And the price is a fair match for its speed and capabilities, providing good value for money spent.
- iQOO Neo9 Pro 5G. ...
- Realme GT 6T 5G. ...
- OnePlus Nord 4 5G. ...
- Motorola Edge 50 Fusion 5G. ...
- HONOR 200 5G. ...
- POCO X6 5G. ...
- OnePlus Nord CE4 Lite 5G. ...
- Samsung Galaxy M35 5G.
: relative worth, utility, or importance.
What is a better word for value for money?
| bargain | deal |
|---|---|
| surprisingly cheap | cheap purchase |
| excellent deal | excellent value |
| great deal | great buy |
| great value | excellent value for money |
Packed with features, screaming performance and a price point that showed seriously good value for money made it a winner all round. We have always offered customers good value for money and have been content with reasonable margins. This four-star hotel represents both good value for money and a unique concept.
Value for money is one definition of quality that judges the quality of provision, processes or outcomes against the monetary cost of making the provision, undertaking the process or achieving the outcomes.
Best Value: The expected outcome of an acquisition that, in the government's estimation, provides the greatest overall benefit in response to the requirement.
The value of money refers to the concept that an amount of money earned earlier is more valuable than the same amount earned in the future. It is based on the idea that money can be invested to earn a return, and that the purchasing power of money decreases over time due to inflation.
The Kuwaiti Dinar is the world's highest-valued currency, reflecting Kuwait's strong economy and abundant oil reserves. Its stability and high exchange rate make it a sought-after currency in international markets. As of February 2025, 1 Kuwaiti Dinar is equal to approximately 281.47 Indian Rupees.
From Longman Dictionary of Contemporary English good value (for money)British English something that is good value is not expensive, or is worth what you pay for it The three-course menu is good value for money.
"A good quote for money is: 'Money is a tool. Used properly, it makes something beautiful; used wrong, it makes a mess. ' This quote highlights the value of money as a resource for achieving goals rather than an end in itself."
Value for money is conceptually straightforward…
In other words, a VfM assessment considers the relationship between the social benefits of a policy intervention and its costs, in current value terms, while also weighing up the risks to these costs and benefits.
Key Takeaways
The time value of money (TVM) surmises that money is worth more now than in the future based on its earnings potential. The principle recognizes that money can grow in value by investing it.
How do you ensure the best value of money?
- Have a strategic approach to procurement.
- Make appropriate use of electronic procurement.
- Manage procurement risk.
- Develop appropriate contract strategies that are actively managed.
- Develop partnerships and longer term collaboration with suppliers, when appropriate.
While price is a critical part of determining value for money, it's not the only one. Here are some other factors to keep in mind: Quality and durability – often, spending a bit more on a higher-quality product can save you money in the long run.
In this respect, three important aspects of performance to measure are: economy, efficiency and effectiveness; the so-called 'three Es'. Achieving these three Es will help an organisation to ensure it is delivering good value for money.
noun phrase
British. : things sold at a good price. The new store offers value for money.
- A medium of exchange.
- A standard of deferred payment.
- A store of wealth.
- A measure of value.
