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Home > QFINANCE Dictionary > Definition of best value

Definition of

best value

General Management

UK program encouraging local government efficiency a UK government initiative intended to ensure cost efficiency and effectiveness in the delivery of public services by local authorities. The best value initiative was announced in early 1997 to replace compulsory competitive tendering, and pilot schemes in selected local authorities began in April 1998. The Local Government Act 1999 requires councils, as part of the best value process, to review all services over a five-year period, setting standards and performance indicators for each service, comparing performance with that of other bodies, and undertaking consultation with local taxpayers and service users.

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Definitions of ’best value’ and meaning of ’best value’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’best value’ and other financial terms with our online QFINANCE Financial Dictionary.

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