WTB plan

The acronym "WTB plan" generally refers to a strategy or roadmap developed by a Want-to-Buy (WTB) entity. A "Want-to-Buy" entity, in this context, is typically a procurement department, an individual buyer, or an organization looking to acquire specific goods, services, or assets.

A WTB plan outlines the steps, resources, and timeline involved in fulfilling the organization's purchasing needs. It serves as a comprehensive guide for the entire procurement process, from identifying the need to selecting a supplier and finalizing the purchase.

Key components often included in a WTB plan are:

• Needs Assessment: A detailed explanation of why the purchase is necessary, including the problem it solves or the opportunity it enables.
• Specifications: Precise details regarding the required characteristics, functionalities, and performance of the desired item or service. These specifications are crucial for communicating the needs to potential suppliers.
• Budget: The allocated financial resources for the purchase, including potential cost constraints and approval procedures.
• Sourcing Strategy: A description of how potential suppliers will be identified and evaluated. This might involve market research, supplier databases, and requests for information (RFIs).
• Evaluation Criteria: The metrics and standards used to assess and compare different supplier proposals. This could include price, quality, delivery time, and past performance.
• Negotiation Plan: A strategy for negotiating the terms and conditions of the purchase agreement with the selected supplier.
• Timeline: A schedule outlining key milestones and deadlines for each stage of the procurement process.
• Risk Assessment: Identification of potential risks associated with the purchase and mitigation strategies to address those risks.
• Approval Process: The internal procedures and stakeholders involved in approving the purchase.
• Contract Management: Procedures for managing the contract with the chosen supplier, including performance monitoring and dispute resolution.

The complexity and formality of a WTB plan will vary depending on the size and nature of the purchase. For routine purchases, a simple plan may suffice, while more complex and strategic acquisitions require a more detailed and comprehensive plan. The ultimate goal of the WTB plan is to ensure that the purchase meets the organization's needs in a timely, cost-effective, and risk-managed manner.