Socio-Economic Programs In Federal Government Proc

Socio-economic Programs in Federal Government Procurement: Challenges Associated with their ImplementationAbstractThe society shapes the mindset of its members and economic activities shape the society, causing it to progress, stagnate or regress as the result of economic activities. Socioeconomic factors include level of education, profession, culture, gender balance, age and ethnic background of a particular group affect their consumption for certain goods and services. Some policy makers have argues that the Federal Government should use its purchasing power to influence socioeconomics, while others have opposed in equal measures. In 1984, Senator Roger W. Jepsen presented a research to the Members of the Joint Economic Committee, arguing that “to leverage Federal Government purchasing power to achieve social goals is largely ineffective and counterproductive”. He cited higher cost of procurement and prevention of new firms from entering the procurement market. However, the Federal government runs various procurement socio-economic programs. They include the Small Business Set-Asides, Small Disadvantaged Business Program, Woman-Owned Small Business Program, Service-Disabled Veteran Owned Small Business Program and the HubZone Program. This research analysed 50 business organizations benefiting from the Federal Government’s socioeconomic programs to reach the conclusion that socio-economic programs in Federal Government procurement negatively affects the competitiveness