noun, verbal noun
When you follow standard procedure to provide what's needed, you make the perfect preparation!
Both 準備 and 用意 mean "preparation," but 準備 means preparing in advance for an event, whereas 用意 implies taking appropriate measures. So, 準備 is better for planning a party, while 用意 fits well when making sure you have enough snacks for your guests.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
Good morning, your breakfast is ready!