Exam (elaborations)
1300 - Contract Award Questions with Accurate Answers
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1300 - Contract Award
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1300 - Contract AwardWhat is an offer? - answer A response to a solicitation that, if accepted, would bind the
offeror to perform the resultant contract.
What are the different types of offers? - answer Request For Quotation (RFQ),
Request For Proposals (RFP),
Invitations For Bids (IFB)
What does LPTA stand for? - answer Lowest Price Technically Acceptable
What is the difference between LPTA and Trade-Offs? – answer LPTA focuses on the
lowest-priced proposal that meets minimum technical requirements. Trade-offs consider
factors beyond price, such as quality and innovation, to achieve the best value. LPTA
prioritizes cost savings, while trade-offs aim for a more advantageous overall solution.
What are the key risk elements of a contract? - answer COST - What risk will cause the
project to cost more than the budget allocated for it?
SCHEDULE - What impact could schedule delays have on an acquisition?
PERFORMANCE - What risk will poor performance have on an acquisition?
What type of analysis is used to mitigate cost risk? - answerCost Realism Analysis
What is the objective of proposal analysis? - answerEnsure that the final agreed-to price
is fair and reasonable.
When should Cost Analysis be used as a proposal analysis technique? - answerWhen
Certified Cost and Pricing Data is required. Also used when price analysis alone will not
suffice to determine price fair and reasonable.
What are the 4 steps in the evaluating & applying price-related factors? - answer1.
Determine solicitation provisions
2. Determine total price offered
3. Evaluate award combinations
4. Make award decision
What are the three additional steps to conclude the price analysis process? - answer-
Determine lowest evaluated price
- Compare offered prices with other prices
- Account for Differences
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