Exam (elaborations)
CON 1300 Test Review Questions and Answers 100% Solved
- Course
- Institution
CON 1300 Test Review
[Show more]
Content preview
CON 1300 Test ReviewA _____ is a response to a solicitation that, if accepted, would _____ the offeror to
perform the resultant contract. - answer1. Offer
2. Bind
These two offer response types are considered binding offers: - answer1. Bid
2. Offer/Proposal
A _____ is not an offer because it does not bind the contractor to perform a task. -
answer Quote
_____ are used to solicit in simplified acquisition procedures. Reponses to this
solicitation come in the form of a _____. It is important to remember that this response
_____ considered an offer and _____ binding. Far reference: ______ - answer1.
Requests for quotations (RFQ)
2. Quote
3. Is NOT
4. Is NOT
5. Part 13
_____ are used to solicit within sealed bidding procedures. Reponses to this solicitation
come in the form of a _____. It is important to remember that this response _____
considered an offer and _____ binding. Far reference: _____ - answer1. Invitations for
bids (IFB)
2. Bid
3. Is
4. Is
5. Part 14
_____ are used to solicit within contract by negotiation procedures. Reponses to this
solicitation come in the form of a _____. It is important to remember that this response
_____ considered an offer and _____ binding. Far reference: _____ - answer1.
Requests for Proposal (RFP)
2. Proposal
3. Is
4. Is
5. Part 15
Trade-off proposals include and are considered by _____, _______, and ______
parameters. - answer1. Technical
2. Cost/Price
,3. Past Performance
True or False. A quotation is considered an offer? - answerFalse : A Quote is not an
offer because it does not bind the contractor to perform a task.
An offer for a RFQ under FAR subpart 8.4 is a _____. - answerPurchase Order
The Lowest Price Technically Acceptable (LPTA) includes: - answer1. Evaluation
factors and sub factors shall be in the solicitation
2. Based on Lowest Price and Technically Acceptable Offer
3. Solicitations shall specify that award will be made on basis of LPTA
Tradeoffs Include or are guided by: - answer1. Characteristics of the tradeoff process:
FAR 15.101-1
2. Permits tradeoffs among cost and price and non-cost factors
3. Allows Government to accept other than the lowest priced proposal
4. Awarding to higher priced proposal must merit the additional cost
5. Rationale for tradeoffs must be documented in the file
What is the definition of contract risk? - answer"a measure of future uncertainties in
achieving program goals and objectives within defined cost, schedule, and performance
constraints."
What are the three key risk elements of a contract? - answer1. Cost
2. Schedule
3. Performance
_____ and _____ are two ways to mitigate risk. They are closely related and should be
considered together. - answer1. Contract type
2. Contract pricing
_____ is the risk that activities will take longer than expected, and is typically the result
of poor planning or unforeseen circumstances. - answerSchedule risk
_____ is an escalation of project costs. It is the risk that the project will cost more than
the budget allocated for it. Perhaps the most common project risk, cost risk is due to
poor budget planning, inaccurate cost estimating, and scope creep. - answerCost risk
_____ is the risk that the project will fail to produce results consistent with project
specifications. - answerPerformance risk
Schedule Risk Mitigation by contract type:
1. Fixed Price contracts = contractor must perform and meet the _____.
2. Cost Reimbursement contracts = contractor will perform their _____. - answer1.
delivery schedule
2. "best effort"
, Cost Realism Analysis is used to mitigate _____. - answerCost risk
Cost Risk Mitigation by contract type:
1. Cost-reimbursement contract types with Cost Realism analysis would be preferable
when there is _____ of risk to the contractor such as a _____ contract
2. _____ contract types would be preferable when there is a stable, well defined, or re-
occurring requirement - answerA high amount
R&D
Fixed Price
The objective of proposal analysis is to _____. The complexity and circumstances of
each acquisition should determine the level of detail of the analysis required. -
answerensure that the final agreed-to price is fair and reasonable
The _____ is responsible for evaluating the reasonableness of the offered prices. -
answercontracting officer
While the FAR does not define what constitutes a fair and reasonable price, it does
establish specific steps we need to take in order to determine prices proposed as fair
and reasonable. This process is called ______. - answer"Proposal Analysis."
What are some proposal analysis techniques? (7 Total) - answer1. Price,
2. Cost,
3. Cost Realism,
4. Technical Analysis,
5. Unit Pricing
6. Unbalanced Pricing
7. Past Performance
Past performance is evaluated automatically for contracts above the SAP and under two
parameters:
1. _____ - No more than 3 years (6 if construction)
2. _____ - The level of similarity to the end item or service. - answer1. Recent
2. Relevant
_____ states that costs should be realistic for the work to be performed; reflects a clear
understanding of the requirements; and is consistent with the unique methods of
performance and materials described in the offeror's technical proposal. - answerCost
Realism Analysis
What are the two main objectives of the KO when negotiating a contract? - answer1.
Result in reasonable risk to the contractor and the Government
2. Provide the contractor with the greatest incentive for efficient and economical
performance
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73243 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now