BVP meaning in General ?

Answer: What is Best Value Procurement mean?

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.

reference

Full Form	Category
Broken Vessel Pottery	Academic & Science
Belgische Vereniging voor Psychologie	Academic & Science
Belgian Psychological Society	Academic & Science
Société Belge de Psychologie	Academic & Science
Bolovip	Airport Code
Blackwater Video Productions	Business
Bessemer Venture Partners	Business
Broadband Video Phone	Computing
Batters Vs Pitchers	General
Bulletproof Vest Program	General
Boundary Validation Program	General
Burbank Volunteer Program	General
Back Vertex Power	General
BRF VF Product	General
Belvidere Assembly Plant	General
Bendrasis vidaus produktas	General
Batter vs Pitcher	General
Blackstone Valley Prep	General
Boundary Value Problems	General
Blood Volume Pulse	General
Bat vs Pitch	General
Best Value Procurement	General
Bulletproof Vest Partnership	Governmental
BHAVANAGAR PARA	Indian Railway Station
British Visitors' Passport	International
Boundary Value Problem	Maths
British Volunteer Programme	Regional
Bolovip, Papua New Guinea	Regional
Brunswick Value Performance	Sports