It’s often pointed out that Public Procurement is bound by law to source for best value.┬á But, of course,┬ávalue┬áis not all that well defined.┬á 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.┬á 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.
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Joe Sandor
Professor
Michigan State University
Lecanto FL
(517) 488-8931
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