Exam (elaborations)
L3ABR6C031 Contracting Apprentice Block 2.
- Course
- Institution
L3ABR6C031 Contracting Apprentice Block 2.
[Show more]
Seller
Follow
lydiaomutho
Content preview
L3ABR6C031 Contracting ApprenticeBlock 2
☆7A-123.) Which FAR Part dictates how the federal government conducts market
research? - ANS-FAR Part 10, Market Research
☆7A-123.) What is "market research" IAW FAR Subpart 2.101? - ANS-Market research
is "collecting and analyzing information about capabilities within the market to satisfy
agency needs"
☆7A-123.) How shall market research be conducted according to FAR Subpart 10.001?
- ANS-1.) Appropriate to the circumstances
2.)Before developing new requirements
3.) On an ongoing basis
4.) Over the SAT - before soliciting offers
5.) Below the SAT - before soliciting offers when adequate information is not available
and the circumstances justify the cost
7A-124.) (True/False) "Tablet" is a sufficient enough description to proceed with market
research. - ANS-False. Your "description of need" should include as much context as
possible to ensure that the government has an idea of what to look for.
☆7A-124.) FAR Subpart 10.002(b)(1) explains that market research will vary depending
on _________________, _________________, _________________, and
_________________. - ANS-1.) urgency
2.) estimated dollar value
3.) complexity
4.) and past experiences
,☆7A-124.) What are the four techniques available to perform market research
according to FAR Subpart 10.002(b)(2)? - ANS-1.) Contacting knowledgeable
individuals in government and industry
2.) Review the results of recent market research
3.) Publish formal request for information
4.) Query the government-wide database of contracts
☆7A-125.) The FAR requires contracting professionals to do what with market
research? - ANS-To "use the results of their market research to make acquisition
planning decisions."
☆7B-127.) What is the DPAP? - ANS-The Defense Procurement and Acquisition Policy.
☆7B-127.) According to the DPAP, what is strategic sourcing? - ANS-Strategic sourcing
is the collaborative and structured process of critically analyzing an organization's
spending and using this information to make business decisions.
7B-127.) What is supply chain management? - ANS-Supply chain management is a
system involving various functions that come together for complex and large scale
acquisitions.
7B-127.) Name the common functions in the supply chain. - ANS-1.) Procurement
2.) logistics
3.) inventory control
4.) product life-cycle management
5.) demand management
7B-127.) Strategic sourcing is focused on large, complex acquisitions. What is
operational contracting focused on? - ANS-Purchasing, and involves only the
procurement function.
, 7B-128.) How does strategic sourcing benefit contracting professionals? - ANS-1.) It
creates an exponentially more efficient work environment.
2.) Strategic sourcing saves both tangible and intangible costs.
7B-128.) What is the difference between tangible and intangible cost? - ANS-Tangible
costs are realized when buying in bulk, thereby reducing individual item price. Intangible
cost savings are captured alongside the benefit of higher level efficiency. (Time saved is
money saved)
☆7B-128.) How do category councils secure discounts? - ANS-They provide a reliable
source of vetted companies to place bulk orders without going through the entire
procurement process.
☆7C-131.) Which FAR Part provides guidance on mandatory sources? - ANS-FAR Part
8
7C-131.) FAR Part 8.002 outlines what? - ANS-Mandatory sources and their priority for
use. The mandatory sources are dependent on whether the requirement is for supplies
or services.
☆7A-125.) The entire MFT team shares a portion of responsibility for using the results
of market research to determine what 4 things? - ANS-1.) If sources capable of
satisfying the agency's requirements exist.
2.) Commercial Item availability
3.) Customary Commercial Practices
4.) Small business set-asides
☆7B-128.) What tools are created to leverage the benefit of buying products and
services in bulk thereby securing the best overall value through quantity discount? -
ANS-Category Councils (A.K.A Commodity Councils)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81849 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now