What is one function described in FAR Part 7?

One key function described in FAR Part 7 is deciding between the lease and purchase of equipment. FAR Part 7 focuses on the acquisition planning processes that federal agencies must follow to ensure that they are effectively and efficiently planning their procurement activities. This includes the consideration of various acquisition strategies and methodologies, which specifically encompasses the assessment of whether it is more advantageous for an agency to lease or purchase equipment.

When agencies are planning their acquisitions, they must evaluate the costs, risks, and long-term benefits associated with both leasing and purchasing options. This decision-making process is crucial as it directly impacts the agency's budget and operational effectiveness. Thus, the ability to identify the most suitable approach for obtaining necessary equipment enables agencies to optimize resource allocation and achieve their operational objectives.