Procurement lifecycle The procurement lifecycle includes planning, sourcing and managing. A procurement plan sets out what you are looking for, approvals process, how much money you have to spend and what type of contract will be entered. Transparency is vital in procurement to ensure your service providers and suppliers, customers and community, understand that your operations are clean and ethical. The New Zealand Government provides guidance on good procurement practice including templates. You can visit this site here. A transcript of this clip is available here.