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Acquisition

The process of buying or obtaining goods, services, or property, especially for a large organization or government agency.

Major Acquisition Program

A large project by the Department of Veterans Affairs to buy services, supplies, technology, or systems that is expected to cost over $1 billion in its lifetime or $200 million each year.

Chief Acquisition Officer

The senior official in a government agency responsible for overseeing and managing all purchasing and contracting activities.

Program Executive Officer (PEO)

A senior leader responsible for overseeing a group of major purchasing projects within a specific area, like medical supplies or information technology.

Program Manager

The person directly responsible for planning, executing, and closing a specific project, ensuring it meets its goals.

Lifecycle Cost

The total cost of a product or system over its entire useful life, including initial purchase, operation, maintenance, and disposal.

Procurement

The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment.