In this phase, then, the company should explore a range of supply scenarios in which it lays out its options for securing long-term supply and for exploiting short-term opportunities; clearly define respective risks, costs, returns, and strategic implications; and develop a preferred option with objectives, steps, responsibilities, and contingency measures laid out in detail for top management approval and implementation. The end product will be a set of systematically documented strategies for critical purchasing materials that specify the timing of and criteria for future action.