lowest price technically acceptable (LPTA)

See the following -

IT Acquisition Bill Would Push 'Bid-To-Price' Selection Process

Matthew Weigelt | FCW | March 15, 2013

An updated draft Federal IT Acquisition Reform Act might open the door to a new way of choosing how to evaluate contractors’ proposals, and because the source selection technique would be in a statute, agencies could slowly shift toward that approach. Read More »