It’s often pointed out that Public Procurement is bound by law to source for best value. But, of course, value is not all that well defined. Value is the new way of saying TCO – total cost of ownership and usually stresses risk mitigation, innovation and proper “fit” formerly known as value engineering. Enforcement of legal requirements implies standards and metrics along with an understanding of what I like to call “outcome based sourcing”.
Here are a simple TCO checklist and an article on outcomes. I hope you find them helpful.
Michigan State University