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Acquisition Management and Decision-Making Issues Coursework

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Updated: Jun 8th, 2022

Acquisition management is the collection of systems and tools that enable organizations to plan purchases, allocate funds, and execute transactions. Storing and processing information in this area allows managers to make purchases in the most systematic, convenient, and efficient way. One of the clearest examples of a quality acquisition management system is DoD. First, it has various technical means to make the process more convenient. This includes hardware, software, manuals, and other details. Second, the process of buying goods is elaborate and systematic. It includes not only purchasing, but also testing, production, support, and other stages. Third, it is essential to note the competent management of the DoD acquisition management system. This includes planning, organizing, leadership, and human resources (Brown, 2010). Thus, the DoD is an example of a well-functioning acquisition management system.

There are several challenges faced by purchasing decision-makers and analysts. Many of them are related to the area of ​​financing, as the allocation of funds is not always an easy task. Thus, these people need to prioritize correctly to spend funds on the essentials. In this process, analysts must intelligently identify the critical needs, and decision-makers must confirm or refute their ideas. Thus, some acquisitions may be rejected, but as a result, the organization will be able to receive the highest priority goods and services.

One of the most interesting points of acquisition management is the external factors that influence it. These include, for example, politics, media, emergencies, and other aspects of the organization’s activities (Tyszkiewicz and Daggett, 1998). As a consequence, acquisition management becomes a complex and challenging task. The versatility of acquisition management success should also be noted. Success is measured in different ways: timeliness, balance, profitability, and other factors (Tyszkiewicz and Daggett, 1998). Undoubtedly, this complicates the task but allows clear recognition of the requirements of different stakeholders.

To support the activities related to acquisition management, actions need to be taken in different areas. This applies to staff training, budget allocation, public relations, and many other aspects of the organization’s functioning. Each of them should be given special attention so that they do not contradict each other and work for the company’s good. In particular, this applies to saving money, hiring experienced employees, and creating a positive image in the media.

References

Brown, B. (2010). Introduction to defence acquisition management. Washington, DC: U.S. Government Printing Office.

Tyszkiewicz, M. T., & Daggett, S. (1998). A defence budget primer. Washington, DC: U.S. Government Printing Office.

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IvyPanda. "Acquisition Management and Decision-Making Issues." June 8, 2022. https://ivypanda.com/essays/acquisition-management-and-decision-making-issues/.

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IvyPanda. 2022. "Acquisition Management and Decision-Making Issues." June 8, 2022. https://ivypanda.com/essays/acquisition-management-and-decision-making-issues/.

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IvyPanda. (2022) 'Acquisition Management and Decision-Making Issues'. 8 June.

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