What does a procurement strategy typically encompass?

A procurement strategy typically encompasses how services will be acquired because it lays out the overall approach to fulfilling the requirements of a contract or project. This includes identifying the necessary resources, determining the best sourcing methods, planning for acquisition timelines, and understanding the market conditions. It is a comprehensive plan that considers various aspects, such as the type of services needed, procurement methods (like competitive bidding, direct contracts, etc.), and potential suppliers, which directly affects how the services will be delivered to meet the objectives of the agency.

The focus on how services will be acquired distinguishes this option from the others, which are too narrow in scope. While cost factors are important, they are just one element of a broader procurement strategy. Similarly, while general guidelines for negotiation and regulations are relevant, they do not encompass the complete strategy for executing a procurement action. Thus, the correct understanding of a procurement strategy is that it is fundamentally about the acquisition approach rather than isolated factors.