A combination of economy, efficiency and effectiveness i e having the right goods or services at the right quality in the right place at the right time
A concept associated with the economy, effectiveness and efficiency of a service, product or process, i e a comparison of the input costs against the value of the outputs and a qualitative and quantitative judgement over the manner in which the resources involved have been utilised and managed See also Effectiveness, Economy, Efficiency
The combination of cost (over the whole life of a project) and quality which best meets an organisation's requirements