Final answer:
The Federal Procurement Data System - Next Generation (FPDS-NG) is a database that captures and reports on federal procurement transactions, ensuring transparency and aiding in the formulation of acquisition strategies.
Step-by-step explanation:
The Federal Procurement Data System - Next Generation (FPDS-NG) is the primary repository for federal procurement transactional information. This system is used by the U.S. government to collect, process, and disseminate detailed information about federal contracting actions. Agencies are required to report contract awards and modifications that are valued at $10,000 or more into the FPDS-NG. The system enables users to access reports and conduct analyses on federal contracting expenditures, including the selection of contractors, dollar amounts awarded, and the products and services purchased. The FPDS-NG also helps to ensure transparency in government spending and provides data that assists in shaping federal acquisition strategies and policies.