CON 3900 Quiz_All Correct & Verified
What is the Government's policy as it relates to controversies with a contractor during performance of the contract?
Correct Answer:
Attempt to resolve conflict at the contracting officer's level.
When is cost analysis used?
Correct Answer:
To evaluate the reasonableness of individual cost elements when certified cost or pricing data are required.
When is price analysis used?
Correct Answer:
To verify that the overall price offered is fair and reasonable, when certified cost or pricing data are not required.
What is price analysis?
Correct Answer:
The process of examining and evaluating a proposed price without evaluating its separate cost elements and proposed profit. It always involves some form of comparison with other prices.
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What is cost analysis?
Correct Answer:
The review and evaluation of separate cost elements and profit or fee in an offeror's or contractor's proposal. It is performed to determine a fair and reasonable price or cost realism and it is used to evaluate the reasonableness of individual cost elements.
A cost is allowable only when the cost complies with all of the following
requirements:
Correct Answer:
Reasonableness, allocability, cost accounting standards or generally accepted accounting principles compliant, terms of the contract, and the limitations set forth in FAR subpart 31.2
The weighted guidelines method focuses on what four profit factors?
Correct Answer:
Performance risk; Contract type risk; Facilities capital employed; and Cost efficiency.
What are the exceptions to obtaining certified cost of pricing data?
Correct Answer:
Adequate price competition, Prices set by law or regulation, Commercial items, Waivers, or Modifying a contract for a commercial item
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