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Title: Value for money : defining and measuring 'value' in MoD's acquisition policy of obtaining best value for money
Author: Weiss, A.
Awarding Body: UCL (University College London)
Current Institution: University College London (University of London)
Date of Award: 2006
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Obtaining value for money is a keystone of UK Ministry of Defence (MoD) acquisition strategy embedded in its Smart Acquisition policy. This thesis examines how best to measure the relative value of competing tender submissions for major projects. There is a comprehensive discussion of a wide range of relevant definitions and over three dozen documents are scrutinised including just some sixteen published by the Government. Commercially available models, algorithms and software are examined as well as those used by MoD. concluding that the programs used by MoD are state of the art but that their use could advantageously be mandated for all large programmes. The programs could also be used to combine the wider factors found in each Business Case. This change, used in conjunction with the Combined Operational Effectiveness and Investment Appraisal should improve Investment Approval Board decision quality An MSc dissertation, supervised as part of mis research, looks at how Integrated Project Teams perceive value. An overview of MoD procurement procedures over the last half-century is followed by an appraisal of how MoD measures value for money under the Smart Acquisition regime. Several recommendations are made outlining how MoD might achieve better, or perhaps more appropriate, value for money when comparing the value of competing bids to select the best one for acquisition. These include avoiding political over-ride of MoD acquisition decisions, firming up aspects of MoD industrial policy, restructuring the Acquisition Management System, stopping acquiring the lowest-cost fully-compliant bid and rejecting offers that exceed the requirement or are unanticipated alternatives. Risk should be considered as a value factor, or the financial cost of various risks calculated. Finally, the phrase "at lower risk' could beneficially be added to existing aims of Smart Acquisition.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available