International Journal on Science and Technology

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Navigating Federal Acquisition Regulations (FAR) in Procurement Utilizing Data Analytics for Inventory and Demand Planning

Author(s) Kosalee Thameera Galkaduwa
Country United States
Abstract This paper discusses FAR as a framework for managing federal procurement in the United States of America and concentrates on compliance, risks and internal control practices. It outlines the challenges industries experience in the FAR regulations and the complexities of meeting ethical compliance, financial qualifications and supply chain management. It also outlines emerging realities in the procurement field including; modular contracting and modern IT risk assessments. Implications are found in the need to emphasize regular training, supplier assessment, and leveraging on practices of the private sector to enhance the rate of compliance and operations. Studies carried out within the United States also show that the use of these strategies improves contractor reputation and competitiveness in federal sectors. In accomplishing its goals, the study gives a viable framework to address FAR compliance and procurement outcomes.
Keywords Federal Acquisition Regulations (FAR), Compliance, Risk Management, Procurement, Best Practices, Cybersecurity, Supply Chain Management
Published In Volume 15, Issue 4, October-December 2024
Published On 2024-11-05
Cite This Navigating Federal Acquisition Regulations (FAR) in Procurement Utilizing Data Analytics for Inventory and Demand Planning - Kosalee Thameera Galkaduwa - IJSAT Volume 15, Issue 4, October-December 2024. DOI 10.5281/zenodo.14514096
DOI https://doi.org/10.5281/zenodo.14514096
Short DOI https://doi.org/g8wcf4
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