Acquisition Planning and Strategy
In the previous section, we discussed about the constraints to successful merger integration. In this section, we will learn how to plan a strategy for acquisition. We have already learnt from the previous section that planning is a key part of any successful acquisition.
Acquisition planning is the method of coordinating and integrating the efforts of all those responsible for acquisition. The result of acquisition planning normally leads to a comprehensive written plan. The overall strategy for managing the acquisition is given in an acquisition planning that includes administration of the contract.
The acquisition plan should be long enough to perform key business consideration, attain competition, decrease price, administer the contract and display the signatures of approving officials. It should be maintained by the project officer. The responsibilities of the project officer include:
- Coordinating acquisition plan with contracting officers, legal and finance.
- Ensuring that plan captures key points of the business strategy.
- Obtaining the required approval signatures.
- Working with the concerned officer to maintain the acquisition plan, including the milestone chart.
The acquisition approach used should be included in the acquisition plan. The alternative acquisition approaches, budgeting and funding, contract type, milestone and other technical information should also be considered.
The risk analysis of your acquisition should include:
- Technical risks such as uncertain specifications.
- Cost risks such as insufficiency of the funds.
- Schedule risks which include untimely project completion.
In addition, the updates are necessary to the acquisition plan whenever the circumstances change.