What formula represents best value in project evaluation?

The formula representing best value in project evaluation is (Performance + Quality) / Cost. This formula emphasizes the importance of delivering high-quality outcomes and satisfactory performance while also considering the budget constraints.

In the context of project evaluation, quality often refers to the overall standard of work and the extent to which it meets the project's goals and client expectations. Performance relates to how well the project adheres to its operational criteria, timelines, and functional requirements. By combining these two critical elements and dividing by cost, this formula provides a comprehensive view of the project's value. It allows decision-makers to understand that achieving high performance and quality should still align with the financial aspects, promoting a balance between what is delivered and how much it costs.

This approach is particularly relevant in design-build projects, where collaboration and integration of the design and construction phases can lead to efficiencies that enhance both quality and performance, making this formula a strategic choice for evaluating the overall value of a project.