In the procurement process, what does "best value" refer to?

"Best value" in the procurement process refers to a selection criterion that evaluates proposals based on a combination of price and quality. This approach recognizes that the lowest price does not always equate to the best overall value for the purchasing organization. By taking into account various factors such as the quality of the goods or services, delivery time, and past performance in addition to price, organizations can ensure they are making a more informed decision that meets their needs effectively.

Utilizing a "best value" approach allows for a more comprehensive assessment of contractor capabilities and brings forward solutions that offer long-term benefits, not just immediate savings. This methodology aligns with the goals of maximizing the utility of taxpayer dollars and fostering competitive solutions.

The other options don't encompass the holistic nature of "best value." For instance, focusing solely on the lowest price disregards quality, while average performance metrics don’t directly address the specific proposal at hand. Similarly, employing technology alone to evaluate proposals does not guarantee an assessment of both price and quality, which is the essence of achieving the best value in procurement.