Phase IFoundation
Background
Overview
Improves governance, promotes sustainable development, strengthens domestic industry, and ensures efficient use of public funds for long-term national benefit, impacting fiscal discipline and economic planning.
Value-based procurement is a public policy approach that prioritizes long-term public value, including environmental sustainability, resource security, and industrial capability, over the lowest immediate financial cost. It often incorporates life-cycle costing, which evaluates the total cost of ownership of a product or service over its entire lifespan, rather than just the initial purchase price.