FTE (Full Time Equivalent)

Full Time Equivalent (FTE) in procurement is a measure of the amount of work done by a single employee on a full-time basis. It is calculated by taking the total number of hours worked by an individual during a given period and dividing it by the number of hours needed to constitute one FTE. In other words, it is the equivalent number of full-time employees need to complete a certain task or project. FTEs can be used in budgeting for staffing, forecasting, monitoring productivity, and determining resource allocation.