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Engaging the economic facts and valuations underlying value for money in public procurement

Author

Listed:
  • Anni Lindholm
  • Tuomas Korhonen
  • Teemu Laine
  • Petri Suomala

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.Policy-makers and managers need to be aware that different stakeholders could have different views of what value for money (VfM) is. The authors present a new way of overcoming VfM challenges. They show that lifecycle costing (LCC) provides clear benefits for public procurers to assess the potential for VfM in the pre-tendering phase.

Suggested Citation

  • Anni Lindholm & Tuomas Korhonen & Teemu Laine & Petri Suomala, 2019. "Engaging the economic facts and valuations underlying value for money in public procurement," Public Money & Management, Taylor & Francis Journals, vol. 39(3), pages 216-223, April.
    • Handle: RePEc:taf:pubmmg:v:39:y:2019:i:3:p:216-223
    DOI: 10.1080/09540962.2018.1535049
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    Cited by:

    1. Tuomas Korhonen & Virpi Sillanpää & Aki Jääskeläinen, 2023. "Anchor practices that guide horizontal performance measurement: an interventionist case study of the financial aspect of new technology implementation in healthcare," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(3), pages 787-816, September.
    2. Vesa Tiitola & Maria Marek & Tuomas Korhonen & Teemu Laine, 2023. "Enabling value-in-use with digital healthcare technologies: combining service logic and pragmatic constructivism," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 27(3), pages 841-871, September.

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