What does "best value" refer to in the context of FAR?

In the context of the Federal Acquisition Regulation (FAR), "best value" refers to the most advantageous overall combination of cost and other factors considered in contract awards. This concept recognizes that the lowest bid does not always equate to the highest value for the government. Instead, it allows for an evaluation that weighs various factors such as technical capability, past performance, and the contractor's approach alongside price.

This approach enables contracting officers to select offers that provide the best overall outcome for the government, taking into account not just cost, but qualitative aspects that contribute to the effectiveness and success of the procurement. By focusing on the overall value rather than merely the lowest price, the government can ensure that it chooses contractors who are most capable of delivering the required goods or services efficiently and effectively. This method aligns with the goals of achieving quality and performance in government contracting.