360 has two methods for graphically representing value for money:
For both of these charts, a comparison price is needed. The tendered price commonly sets the comparison price, but it may be calculated using any appropriate method. |
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This method is used for fixed-price tenders and quotes. Using this method:
Risk Assessed Score divided by the Price multiplied by the Median Price
100% divided by the Lowest Price Tendered multiplied by the Median Price
100% divided by the Budget multiplied by the Median Price
VFM Points divided by the Perfect VFM Points
The Final Assessment can be displayed as either VFM Points or a VFM Percentage. The VFM Percentage and can be displayed on a bar chart.
This method is also used for fixed-price tenders and quotes.
Using this method:
Risk Assessed Weighting vs Price Weighting
Lowest Price Tendered divided by the Tendered Price
Budget divided by the Tendered Price
The Final Assessment is the VFM Percentage and can be displayed on a bar chart.
It is sometimes inappropriate to ask for a lump sum price yet helpful to have a comparison price when determining a value for money score. For these situations:
To avoid probity issues, either:
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