2024 AF Contracting Officer Study Guide with all questions answered correct 100% REVISED

FAR 1.602-2; 3.104-4; 15.207 () Q: What are the CO's responsibilities in source selection? - ANSWER 1. Procedures to safeguard source selection information. 2. Approve access to/release source selection information. 3. Maintain SS evaluation records. *Source Selection* 2016 DoD Source Selection Manual, 1.4.1.2 () Q: What are the SSA responsibilities? - ANSWER 1. Proper and efficient conduct of SS process. 2. Appoint respective chairpersons. 3. Establish SS team and ensure their knowledge of policy/procedure. 4. Ensure pace is event and not schedule driven (realistic SS schedule). *Financing* FAR 32.106 () Q: Name the different types of government financing in order of their preference - ANSWER 1. Private financing (most preferred). 2. Performance based payments. 3. Customary progress payments. 4. Guaranteed loans. 5. Unusual progress payments. 6. Advance payments (least preferred). *Acquisition Strategy Panel (ASP)* AFFARS 5307.104-92; AFICA MP 5307.104-92 () Q: Who prepares the ASP minutes, when are they prepared and who approves them? *AIR FORCE ONLY* - ANSWER Program manager, CO or Commodity Council Director prepares following the conclusion of the ASP briefing, and approved by the ASP chairperson. *Cost Analysis* FAR 15.404-1 (c) () Q: What is cost analysis? - ANSWER Review and evaluation of separate elements and profit of contractor's proposal. The application of judgment to determine how well proposed costs represent what the cost of the contract should be assuming reasonable economy and efficiency. Techniques include verification of cost or pricing data and evaluation of cost elements; projection of offeror's cost trends based on current/historical cost/pricing data; audit and negotiated indirect cost, labor and COM rates. *IDIQ* FAR 16.504 (a) () Q: How does the PCO compute the minimum and maximum quantity on an IDIQ contract? - ANSWER 1. Minimum-Should be more than a nominal quantity but should not exceed amount the Government is fairly certain to order. 2. Maximum - A reasonable max should be established by conducting market research trends on recent contracts for similar supply/svcs, survey of potential users, other rational basis. *Estimating Systems* FAR 15.407-5 () Q: Define estimating system and cost reimbursement. - ANSWER Estimating system is contractor's policies/procedures/practices for generating estimates. Includes organizational structure, internal controls, and managerial reviews, work flow, est methods, techniques, accumulation of historical costs and other analysis. Cost reimbursement - Contractor's ability to accurately and reliable estimate costs could lead to cost overruns and increased risk for the Government. *Defective Pricing* FAR 15.407-1 () Q: What are six conditions which must exist to have defective pricing? - ANSWER 1. Information fits the definition of cost and pricing data. 2. Accurate data was available to the contractor before the agreement on price. 3. Data was not accurate, current, complete as of date of agreement. 4. Data was not submitted to CO. 5. Government must have relied on the data. 6. An increase in cost as a result of Government reliance on the data. *Contract Elements* Common Law () Q: What are the essential elements of a contract? - ANSWER 1. Offer. 2. Acceptance. 3. Consideration. 4. Lawful purpose. 5. Competency of parties. 6. Certainty of terms. *Economy Act* 31 U.S.C. 1535; FAR 17.502-2 () Q: Describe the Economy Act - ANSWER Allows agencies to procure goods/services from other agencies at cost, a D&F is required. Intra-agency, activity within the Dod, you