Known by other terms such as: efficiency, value for money, commercially reasonable price, etc., this principle places emphasis on the need to manage public funds responsibly such that prices paid for goods and services are reasonable and represent good value (in terms of quality) for the amount of public funds expended on them. Everyone involved in the public procurement process or directly responsible for facilitating the acquisition of goods and services with public funds, should avoid fraud, waste and abuse of public resources, whether it be through inflated specifications, paying unreasonably high prices for substandard goods, collusion with bidders, or other irregular and unethical practices.
Accountability in Public Procurement: A Shared Responsibility
August 5, 2025
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2 thoughts on “Economy”
I like these articles you publish. Am confident of my understand of public procurement, given the fact that I am a procurement profesional. For that reason, I promise to keep reading the Procurement ClassRoom for my research. Thanks Mr.
Thanks Ronald, I will try my best to update more often.