Acquisition

June 18, 2025
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What is Acquisition?

In project management, acquisition refers to the process of obtaining goods, services, or resources from outside the project team. It involves identifying needs, selecting suppliers, negotiating contracts, and managing relationships with external vendors. Acquisition ensures that the project secures the right products or services at the right time and at the correct cost to meet its goals. This process is essential when internal capabilities are insufficient or unavailable. It typically follows a formal procurement plan and may involve competitive bidding, legal agreements, and performance monitoring.

Key Points

  • Acquisition is often driven by the project’s resource limitations or specialized needs.
  • It adheres to procurement policies and may require approval from the legal or financial departments.
  • The process includes defining requirements, requesting proposals or bids, selecting a vendor, and signing contracts.
  • Effective acquisition supports project timelines, budget constraints, and quality standards.
  • The project manager plays a key role in coordinating with procurement teams and monitoring vendor performance.

Related Terms

  • The procurement management process outlines how project managers plan, execute, and monitor acquisition activities.
  • A statement of work (SOW) provides detailed descriptions of the goods or services to be acquired.
  • Contract management ensures that parties adhere to acquisition agreements and meet their performance expectations.
  • The request for proposal (RFP) is a tool used during acquisition to invite potential vendors to submit solutions.
  • Vendor selection is the step in which the project team evaluates and chooses the best supplier for the required resources.

Acquisition: Example

A project team tasked with developing a mobile app needs a specific cloud-based server platform. Since the team lacks internal expertise in server management, they begin the acquisition process by drafting technical requirements and issuing a request for proposal. Several vendors respond, and after evaluation, the team selects one provider and signs a service agreement. This external acquisition allows the project to proceed on schedule and within budget.

Acquisition: Best Practices

  • Clearly define the project’s needs before starting the acquisition process.
  • Engage stakeholders and legal experts early to ensure alignment and compliance with relevant regulations.
  • Use competitive bidding to improve pricing and service quality.
  • Maintain detailed records of vendor communications and agreements.
  • Regularly review vendor performance to ensure project managers meet expectations and manage risks.

Additional Resources

Acquisition - Practical Guide to Sourcing Project Management (Practical Guide to Project Management)     Acquisition - A Guide to the Project Management Body of Knowledge (PMBOK Guide)

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