Glossary / Evaluation
Best value
Best value is the expected outcome of a federal competition: the offer that gives the government the greatest overall benefit in response to the requirement. The FAR describes a continuum: at one end lowest-price-technically-acceptable, where any offer that meets the minimums competes on price alone; at the other a trade-off, where the buyer may pay more for a better technical approach, stronger past performance or lower risk. The solicitation states which approach applies and the relative importance of price and the non-price factors.
Why it matters to your pipeline
The best-value approach a buyer chooses tells a company how to write and price its offer. Under LPTA a polished technical volume wastes money and a low price wins; under a trade-off the technical story and the references decide, and the lowest price often loses. Reading the evaluation section before deciding to bid is the first thing a vCM does on a solicitation.
When this term shows up in an opening GovSmith finds for you, your vCM explains what it means for that pursuit and does whatever it calls for. You decide; we do the work.
Example
A solicitation states that technical approach and past performance together are significantly more important than price. The winner is the second-lowest priced of five offers, with the highest past-performance rating.
Find out what applies to you
Some terms will matter to your business right away and some won’t for years. A vCM can tell you which are which.