An Acquisition Strategy Plan (ASP) is a key document in the procurement process that outlines the approach an organization will take to acquire goods, services, or works. It serves as a roadmap for the entire acquisition, ensuring that the process is systematic, transparent, and aligned with the organization's goals and budget. Developing an effective acquisition strategy involves several critical steps to ensure that the project meets its objectives while being cost-effective and completed on time.

The first step in developing an acquisition strategy is to clearly define the requirements of the procurement. This includes identifying the project goals, scope, and desired outcomes. Understanding the needs of stakeholders and the specific deliverables is essential for structuring the acquisition process. Once the requirements are defined, the next step is to conduct market research to assess potential suppliers, available solutions, and industry standards. This research helps inform decisions on the best procurement approach—whether through a competitive process, a sole-source contract, or a simplified acquisition process.

The acquisition strategy must also include a cost estimate, often derived from an Independent Government Estimate (IGE). This estimate provides a baseline for evaluating bids and ensuring that the contract value is reasonable. Risk management is another crucial component, as the strategy should outline potential risks to project success, such as cost overruns, timeline delays, or unforeseen challenges, and propose mitigation strategies. Finally, the strategy will define the source selection process, detailing how proposals will be evaluated based on factors such as cost, technical approach, and past performance. The acquisition strategy is a living document, subject to review and refinement as the procurement progresses, ensuring flexibility and adaptability in response to evolving project needs.