CON 1200V EXAM QUESTIONS AND ANSWERS A+ GRADED
What are the two types of contract modifications?
bilateral and unilateral
T/F: Overriding goal of a private sector-for-profit company is to maximize value of company to shareholders.
True
T/F: Best way to win a contract award is to start the ...
What are the two types of contract modifications?
bilateral and unilateral
T/F: Overriding goal of a private sector-for-profit company is to maximize value of
company to shareholders.
True
T/F: Best way to win a contract award is to start the proposal process when the
solicitation is released. There is little value to be gained by starting before then.
False
T/F: There are many barriers to entry for companies wanting to do business with
the Government.
True
Usually recovered as indirect costs on current and future Government contracts.
Bid and proposal costs.
Business Pipeline
Process for measuring and enhancing business development efforts
Which of the following statements about incumbent contractors is false?
If incumbent contractor is performing satisfactorily, Government can issue a sole source
award to the incumbent.
Involves identifying, acquiring, and managing resources and suppliers that are
essential to the operations of a company.
Supplier Management
T/F: The more risk the company assumes, the more profit they expect to earn.
True
What companies are included in the "Big 5"?
Lockheed Martin, Boeing, Northrop Grumman, Raytheon, and General Dynamics
What is driving small business suppliers, "an engine of innovation," out of the
defense sector?
Uneven funding
Nontraditional Defense Contractor (NDC)
Firms of all sizes and types that do not provide defense-specific goods or services
What is the DoD goal?
Fast delivery of cutting-edge innovation and new technologies to keep its fighting forces
equipped with the best weapon and support systems available.
The DoD Office of Small Business Programs (OSBP)
Helps small businesses overcome barriers to entry and maximize opportunities for small
businesses to contribute to national security.
CMS
Contract Management Standard
Two domains of the CMS:
Domain A - Develop Solicitation
Domain B - Develop Offer
Pre-Award portion of the contract life cycle for industry is segmented into 3
phases, although there is often overlapping between these phases:
,Business Development
Capture
Proposal Development
Core Competencies
Capabilities or advantages that a business may have that distinguish it from
competition.
Develop Solicitation
Buyer (Government agency) determines customer requirements, then describes those
requirements and other relevant terms/conditions through a solicitation to the sellers.
What two competencies is Develop Solicitation made up of?
Plan Solicitation and Request Offers
Develop Offer
Seller (industry) develops business practices/strategies in response to solicitations,
intending to win contract
What two competencies is the Pre-Award Phase and Develop Offer made up of?
Plan Sales and Prepare Offer
The following are strategic questions that a company must answer for itself:
- What business are we in?
- Who do we answer to?
- What differentiates us?
- What is our competency?
While ____ is about determining a corporate strategy, ____ is building the
foundation for opportunity assessment.
Market Intelligence; Market Research
Market Intelligence
Information about the market itself and is wider in scope
OFPP
Office of Federal Procurement Policy
Overriding goal of a private sector company:
- Maximize company value to shareholders
- Maximize profits or returns
- Minimize expenses
Motivations for companies to seek government contracts:
- Market size
- Reliable revenue
- Mission outcome contribution
- Advantages for small, minority, veteran, women owned companies
Solutions identified by Government leaders to address the barriers:
- Engage suppliers early
- Simplify requirements
- Target programs for new/innovative suppliers
- Simplify and cost manage procurement process
- Invest in marketing and outreach to suppliers
What does transparency in business imply?
Openness, communication, and accountability
, Differing perspectives between Government and Industry when it comes to
transparency and access to information:
- Rules
- Risk
- Communication
- Competition
- Making the deal
- Opportunity
Teaming Agreements used in Conduct Procurements
Generally, only apply to one solicitation or specific Government program, limiting
parties' obligations to one another.
Privity of Contract
Contract may not confer rights/impose obligations except for specific parties that have
formed contract
Strategic Alliances
Arrangement between two companies to undertake a mutually beneficial project or
achieve common business goals, while remaining independent.
Companies form a ______ that can be established to cover multiple solicitations
and contracts.
Separate legal entity
Consortia
- Entities agreeing to participate under common rule set.
- Organized along focused, product-oriented portfolios commonly associated with Other
Transaction Agreements.
Mentor-Protégé
DoD contractors assist protégé companies to enhance their capabilities and increase
participation in Government and commercial contracts
DoD Mentor-Protégé Program
Assists small businesses (protégés) to successfully compete for prime contracts and
subcontract awards by partnering with large companies (mentors) under individual,
project-based agreements.
Insourcing
Business practice performed within the operational infrastructure of the organization
Outsourcing
Hiring outside organization not affiliated with the company to complete specific tasks
Offshoring
Moves company business process to foreign location, while allowing you to retain
control of the business process. Can save on labor and production costs when hiring
talent and buying resources from developing countries.
Ultimately the underlying objective in any make versus buy decision is to:
Improve performance and increase company value
Acquisition Planning
Act of planning, required in every acquisition.
Acquisition Plan
Physical document - does not have to be completed in every acquisition.
When should acquisition planning begin?
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 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 TopGradeSolutions. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.62. You're not tied to anything after your purchase.
