What is a key aspect of acquisition planning?

A key aspect of acquisition planning is the decision-making process regarding whether a good or service will be procured through purchase or developed in-house. This choice, essentially determining if resources will be bought or built, significantly influences the overall procurement strategy and impacts various elements such as budgeting, resource allocation, and timeline projections.

Making this decision involves considering several factors, including organizational capabilities, cost-effectiveness, timelines, and the strategic objectives of the project. By determining the procurement approach early in the planning phase, a team can streamline processes, identify necessary skills, and engage stakeholders effectively to ensure that the acquisitions align with project goals and deliver optimal value.

The other choices, while important in their own right, are subservient to the broader strategic direction set by this foundational decision. For example, budget determination, contract risk assessment, and project manager identification all follow from the procurement decision, as they help to outline how the chosen procurement strategy will be executed successfully. Thus, deciding whether to buy or build is a crucial stepping stone in the overall acquisition planning process.