BVP meaning in General ?

Best value procurement (BVP) is a procurement system that looks at factors other than only price, such as quality and expertise, when selecting vendors or contractors.

In a best value system, the value of procured goods or services can be simply described as a comparison of costs and benefits. A contractor or vendor is thus selected through a process of researching the vendors or contractors before a detailed project plan is made. Although BVP is a new procurement method, it does build on procuring and tendering according to the MEAT principle (Most Economically Advantageous Tender). The principle enables the contracting authority to take account of criteria that reflect qualitative, technical and sustainable aspects of the tender submission as well as price when reaching an award decision. The BVP approach is based on the conviction that minimizing risks or eliminating risks when allocated information is effectively used for a proper choice. This means the more information that is available and the better it is utilized, the better the future can be predicted and the fewer decisions or risks have to be made. BVP is not merely a procurement method but an approach based upon natural law. Rather than changing and manipulating people, one can understand the nature of transactions which then can be anticipated on using expertise to a maximum, with minimum risks and maximum value as a result. Typically values are assigned to factors such as price, past performance, schedule, and vision. These values are tabulated for each potential vendor or contractor and one will come out on top.