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What is meant by 'value for money' and how is it calculated?

Value for money is a key objective within Western Power’s procurement activities. Value for money ensures that when purchasing goods and/or services, Western Power achieves the best possible outcome, for every dollar spent. This is achieved through assessing financial and non-financial factors, quality, cost and resources; fitness for purpose; total cost of ownership and risk as well as the overall benefits to Western Power and the community, rather than simply selecting the lowest purchase price.