CLC056 Analyzing Contract Costs Test Bank (A+ Graded).
Identify strategies to mitigate cost risk
Which of the following is the best strategy to mitigate cost risk?
Conduct adequate market research prior to entering negotiations
Differentiate between the measures of central tendency and the ...
CLC056 Analyzing Contract Costs Test Bank (A+ Graded)
Identify strategies to mitigate cost risk
Which of the following is the best strategy to mitigate cost risk?
Conduct adequate market research prior to entering negotiations
Differentiate between the measures of central tendency and the methods for
measuring dispersion
When given a set of data that appears to contain outliers, which measure of central
tendency is most appropriate to use?
Median
Determine if an exception to the Truth-in-Negotiations Act applies
Which of the following situations are considered exempt from the submission of certified
cost or pricing data?
Prices are set by law or regulation
Identify key terms involved during a contract negotiation
What is the negotiation term that reflects each party emphasizing the long term effects
and benefits as well as both parties defining their interests to be achieved in conjunction
with the outcome?
Win-Win
Identify factors that contribute to success in any negotiation
Which of the following factors is critical to a successful negotiation?
Effectively prepare, plan, and communicate
Calculate an objective using improvement curve analysis
Given the improvement curve data, calculate the cost objective for unit #64. Labor
hours for unit #32; 42,000 hours Labor ours for unit #1: 79,000 hours Rate of
improvement: 20% improvement curve slope: 80% (question 6)
33,600
Identify cost analysis terms and techniques used when developing a pre-
negotiation position
According to FAR 15.4, which of the following is one of the two most preferred price
analysis techniques?
Comparison of proposed prices received in response to the solicitation
Identify situations when an audit should be requested
The purpose of an audit is to?
All of these are correct
, Determine the fairness and reasonableness of summary level cost estimates
Using a direct comparison with the cost of a similar contract effort is an acceptable
summary estimating technique.
True
Identify contract situations where statistical analysis is an appropriate tool for
developing a pre-negotiation objective
You are preparing to negotiate a service task for routine maintenance of Government
equipment. A sample of 25 records for similar maintenance tasks indicates that the
average time required to perform similar maintenance tasks has been six hours and 40
minutes. How can you use this?
Developing a price negotiation objective for labor costs
Identify the required cost elements in FAR Table 15-2
When certified cost or pricing data is required, data showing that adequate price
competition for acquisitions exceeding the TINA threshold was obtained is required as
part of the contractor’s proposal.
True
Examine proposed labor rates to determine a fair and reasonable pre-negotiation
position
Which of these situations warrants the use of a round-table estimate?
A contract is for a unique item, and there is no historical data available (i.e.,
detailed drawings, bill of materials, firm specifications).
Identify indirect cost pools and bases
Which of the following is an indirect cost pool?
General and Administrative Expenses
Establish the fairness and reasonableness of detailed quantity estimates
Which of the following is an effective use of stratified sampling?
Analyzing the items that make up 80% of the total material cost and 10% of the
remaining items
Calculate a profit/fee using the appropriate structured approach
When is the working capital adjustment used while calculating profit/fee?
all fixed price contracts with progress payments
Identify contract pricing situations where simple regression analysis should be
considered
When using simple linear regression to analyze the estimated price for a used car,
which of the following independent variables would result in a realistic estimating
equation?
Mileage of all similar cars
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