COMPETITIVE BIDDING AND VALUE FOR MONEY IN FEDERAL MEDICAL CENTRE, MAKURDI, BENUE STATE - NIGERIA

Abstract

This study examined competitive bidding and value for money in Federal Medical Centre, Makurdi (FMC). The study specifically examined the effect of Transparency, Bid Evaluation, Competitive Analysis, and Sustainability on value for money at FMC Makurdi. The study employed the correlational research design, with a total population of 373 drawn from Procurement, Finance, Stores, and Audit departments which are directly involved in the procurement processes of FMC Makurdi. A sample size of 193 respondents was determined using the Taro-Yamane (1967) sample size determination formula. The study adapted structured questionnaire comprising a Demographic Section, competitive bidding, and Value for Money Scale was used for data collection. Descriptive statistics such as Frequency counts, Mean and Standard Deviation were used in analyzing the demographic characteristics and responses of the respondents, while Multiple Regression was used in testing the hypotheses at the 0.05 level of significance. Findings showed that, Transparency (β=.247, t=1.974, p<.05), Bid Evaluation (β=.216, t=1.831, p<.05), Competitive Analysis (β=.248, t=2.063, p<.05) and Sustainability (β=.328, t=2.963, p<.05) all have significant positive effect on value for money in Federal Medical Centre, Makurdi. The study therefore recommended that, the management of Federal Medical Centre, Makurdi should intensify its competitive bidding processes as a way of achieving value for money, in view of the established positive effects of competitive bidding on value for money in the hospital. Moreover, the management of Federal Medical Centre, Makurdi should specifically prioritize components of competitive bidding such as sustainability, competitive analysis, transparency and bid evaluation sequentially, considering their positive effects on value for money in the hospital.

Keywords: Competitive Bidding, Transparency, Bid Evaluation, Competitive Analysis, Sustainability, Value For Money.