Acquisition Lifecycle

The Acquisition Lifecycle is a structured process used by organizations, especially in government and business, to acquire goods and services. It consists of several stages: identifying needs, planning, soliciting bids, evaluating proposals, awarding contracts, and managing delivery and performance. Throughout this cycle, careful consideration is given to budgeting, timelines, and quality to ensure that the acquired services or products meet the organization's goals. This approach helps ensure effective use of resources while minimizing risks and fostering accountability. Ultimately, it streamlines decision-making and improves outcomes in procurement activities.