What is a key consideration for budgeting for new equipment purchases?

The consideration of estimated cost and time is key when budgeting for new equipment purchases because it directly impacts the overall financial feasibility of the investment. Accurately estimating costs involves understanding not just the initial purchase price but also additional expenses such as installation, maintenance, and operation. Time estimation is equally crucial, as it encompasses the duration required for procurement, installation, and any necessary training for personnel. By effectively assessing these factors, you can ensure that the equipment purchase aligns with the organization's budgetary constraints and operational timelines, thereby facilitating a successful acquisition process. This thorough understanding helps in making informed decisions that also consider the potential return on investment and overall resource allocation.