Value for Money
As Gaeilge: Luach ar Airgead
Also known as: VfM, VFM
Last reviewed April 2026
The Irish public-sector test for procurement decisions, balancing cost, quality and fitness for purpose over the contract's life.
Value for Money (VfM) is the overarching principle in Irish public expenditure, set out in the Public Spending Code. It is not the same as lowest price. VfM weighs whole-life cost, quality, risk, sustainability and fitness for purpose. Contracting authorities must demonstrate VfM in business cases, procurement strategies and post-award reviews. The Comptroller and Auditor General audits public bodies against VfM in annual reports and special examinations.
In the Tenderwatch data
- Appears in 1 notices captured in the last 12 months on Tenderwatch (as at November 2026).
Related terms
Public Spending Code
Ireland's rules for ensuring value for money in public expenditure, published by DPENDR.
MEAT (Most Economically Advantageous Tender)
The evaluation method that weighs quality alongside price: required for most above-threshold Irish contracts.
Life-Cycle Costing
An evaluation method that scores bids on total cost of ownership over the asset's life, not just purchase price.
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