“This report has been prepared to assist government executives in understanding one of the most complex bureaucratic processes in government: the federal procurement system. Understanding this system is one of the key ingredients to a successful tenure in government. In the past, some government executives have run into significant issues related to a lack of knowledge about federal contracting. In addition, improved management of the federal acquisition process is crucial in this era of tight budgets. This report answers seven key questions that government executives should know about the procurement process. These questions include:

• Why do federal agencies contract for goods and services?
• What is the overarching goal for any purchase?
• What are the three basic phases of the federal acquisition life cycle?”