Explain why it is important to learn about acquisition planning with it comes to contract administration. Provide an example of when it would be beneficial and explain.
Acquisition planning is when a firm coordinates the activities of the personnel involved in the purchasing of assets or supplies to make sure that they are timely and cost effective. This is important for many reasons, but most importantly to ensure that a firm is not spending unnecessary money. This helps the firms increase their margin of profit and also make sure that the firm is not wasting time on locking up an acquisition and then having it fall through. If I end up working for a government contracting company and would like to explore different sectors of the company, it would help me to know acquisition planning to give me the skill sets to be able to be comfortable and knowledgeable in that field. If one person is very educated in acquisition planning the firm will most likely be saving valuable money that they can spend elsewhere.