Nobody downloaded yet

Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes - Essay Example

Comments (0) Cite this document
Summary
This paper "Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes" focuses on the fact that the definition of quality that judges the quality of provision, processes or outcomes against the monetary cost of making the provision. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.7% of users find it useful
Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes
Read TextPreview

Extract of sample "Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes"

Download file to see previous pages On the other hand, the procurement route delivers the procurement strategy. It includes the contract strategy that will best meet the clients' needs (UK Office of Government Commerce, 2007).
As to the question, whether the foremost consideration in the assessment of a procurement route is the value for money in both in dealing with private as well as public clients, the position is in the negative. Value for money though is a viable and common basis for assessing a procurement route should not be treated as the primary standard in such undertakings.
To substantiate the position in this discussion that the value for money should not be the determinant of procurement routes the first main point is that of the principle behind procurement as a legal relationship.
Procurement is built on the same principle as other contracts. Zarrokh (n.d.) says that a contract is a legally binding exchange of promises or agreement between parties that the law will enforce. This underscores that fact that a contract though is an agreement between parties is a matter within the ambit of the law and legal system. This means that contracts, including those that are in the form of procurements, are not only about the parties involved but is impressed with the public interest. This means that the state has a stake in the nature enforcement and consideration of contracts. Moreover, procurement and the strategies attached to it are concerns of the state like any other contract is a concern of the state. This is more so in the context of public procurement.
It has also to be pointed out that the public policy cannot be violated in the contract in any case. In case of the contract matter subject is illegal then it cannot be enforced. The drug sale contract is illegal and this is the violation of the public policy, and it cannot be enforceable. It is also necessary to remember that public policy can be shifted (Articlebase, 2010). This establishes that public policy is foremost even in procurement contracts.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Should Value For Money Be The Primary Objective of Construction Profes Essay, n.d.)
Should Value For Money Be The Primary Objective of Construction Profes Essay. Retrieved from https://studentshare.org/law/1745438-contract-law-and-procurement
(Should Value For Money Be The Primary Objective of Construction Profes Essay)
Should Value For Money Be The Primary Objective of Construction Profes Essay. https://studentshare.org/law/1745438-contract-law-and-procurement.
“Should Value For Money Be The Primary Objective of Construction Profes Essay”, n.d. https://studentshare.org/law/1745438-contract-law-and-procurement.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes

Procurement and management of construction

...on the stadium. The construction costs according to the IOC parameters had to suit the bidding prices unlike the assumed overall costs. This foresaw a $280 million bid on the latter though the prices latter came to rise higher than the expectations with a lot of controversies arising from the same (Hughes 2006, p 48). This is because the stadium was developed from immense under budgeting which was responsible for the controversies among the stakeholders. The stadium was developed from a procurement policy that looked forward to maintenance on both high quality performances with a precise consideration for money as the core values in the contracts. There was a...
11 Pages(2750 words)Essay

Time Value of Money

...?Introduction The objective of this paper is to get an understanding of the concept of the time value of money. We first study the two important concepts in the area: Present value and the Future Value and its importance to the subject of corporate finance. We then look at some questions which calculate the present value of the future cash flows and the future value of present cash investments. 1. The concept of time value of money is critical to the world of Finance and is very often the first subject that is taught in a Corporate Finance class. It is based on the simple premise that “A penny in hand today is worth more than a penny in hand tomorrow”. This is on the basis of assumption that the money in hand today can be invested... ...
4 Pages(1000 words)Essay

Construction Procurement

...the traditional approach (Greenhalgh and Squires 2011, p.99). Variations on Design-Build Approach The variation to this approach is called Develop and Construct. This implies that the contractor is obliged to re-appoint the original designers to finish the design. This happens in a scenario when the client owns the prepared design to scheme design stage and the contractor carries out the duty of completing design and construction. In the package deal, the contractor provides off-the-shelf building. The project is completed in a way that its size can be later adjusted. This is called modular building. Reasons to Choice for the Best Route The criteria that need to be used...
5 Pages(1250 words)Essay

When Is Censorship Appropriate

...but the younger population should access the message communicated by the film especially with the onset of technological growth coupled with the fact that technology is and will continue to be a major pillar of economic growth. Therefore, many businesses are adversely affected when restrictions in terms of laws and regulations are put in place in such an environment (Lederer and Richard 312). In addition, censorship denies individuals their freedom of expression and access to information, since it is beneficial for one to be able to make well-informed decisions, but it is discouraging when some sectors within the society influence, and place restrictions on individuals to shape the...
6 Pages(1500 words)Term Paper

Procurement Routes in the Construction Industry

...such as sports halls. It should be noted that the contract may be extended to include the operation and maintenance of the building. This approach is often appropriate for all kinds of clients including those that are inexperienced and for complex buildings or projects where the main objective is the project's functionality. Design and Build is faster than the traditional procurement route. This is because the traditional approach relies on steps most of which are very slow e.g. the creation of a bill of quantities among other lengthy, tedious and time consuming steps. As stated earlier, Design and Build approach is applied in complex buildings which...
8 Pages(2000 words)Assignment

The Value of Money

...in extra payment of interest. This law holds true for varying interest rates as well. As the terms are increased, consequently the interest rates increase too. There is a multiple effect on the payments of interest when both the factors increase. Bond Prices and Interest Rates At a glance, one would feel that there should be a direct relationship between the interest rates and bond prices. However, there exists a negative relationship between the two and this seems highly inappropriate. Bonds actually pay a certain amount of money over a period of time till the bond matures (Ken, 2008). To understand the inverse relationship between the two, let us consider the zero-coupon bonds which...
3 Pages(750 words)Essay

Procurement Routes/Sustainability/Project Management

...would deliver value for money. The criteria for evaluation (see Table 1) should be selected carefully so that they relate to aspects that determine value in whole-life cost terms. Each criterion is given a percentage weighting so that the total weightings add up to 100%. This mechanism provides a means for reaching decision about the procurement route that would deliver the greatest value for money (Office of Government of Commerce, 2007). Aims and Objectives A study has envisaged with the aim of understanding procurement contract practices and...
3 Pages(750 words)Research Proposal

The Value of Money

...of the extra goodies that I had picked out. When I saw the total amount, I realized it was more money than I was willing to spend. I decided to put all of the extra items back, except for the M&Ms. Even though I could have spent more on all of the extra items I wanted, I kept thinking that I might need to save the money, in case an unforeseen purchase or bill should arise. The concept of having to earn money by working was not easy for me to understand when I was young. As I matured, I learned how to think before I spend my hard earned money. I learned to respect every dollar that I earn, as once the...
3 Pages(750 words)Essay

Time value of money

...TIME VALUE OF MONEY Time value of money is a term that measures the increase or decrease in the value of money with respect to time. The buying powerassociated with certain amount of money; do change as the time passes and multiple factors such as inflation, exchange rates, interest rate and other fluctuations economic conditions come into play. Two factors are central in this concept; present value and future value of money (Homer and Leibowitz, 269-276). One of the important financial decisions that many people make at individual level, is regarding their retirement...
1 Pages(250 words)Essay

Money & Payments / Present value

...Money and Banking In answering the question of how inflation affects the functions of money, it is important to some of the common function of money. These include Medium of exchange in trade, store of value or measure of value, a standard of deferred payment as well as a unit of account to make accounting records for transactions involving money. On the other hand, inflation referrers to a situation where the general prices of goods and services are increasing continuously for a significant period say one year. In other words, inflation leads to decline in money value over time. Consequently, inflation...
2 Pages(500 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Should Value For Money Be The Primary Objective of Construction Professionals When Selecting Appropriate Procurement Routes for FREE!

Contact Us