Con 3990 prep Exam Questions With 100% Correct Answers

What are the three contracting life cycle phases - Answer Pre-award, Award, and Postaward Define the pre-award phase - Answer Invokes all work performed by both the buyer (Gov't or Prime Contractor) and seller (contractor or sub) in communicating the buyer's requirements and providing a solution to those requirements What typically starts before the contracting process? - Answer Requirement definition, budgeting/funding process, and acquisition planning. The pre-award phase consist of what two primary activities? - Answer Develop Solicitation (for our purpose, this is done by the Gov't or the contractor) and develop offer (this is done by the contractor or sub) In planning the solicitation - Answer The buying activity must assess the need and analyze the requirement as well make sure that contract outcomes will be measurable and properly incentivized. They buying activity must also verify availability of funds. Buying activities must also - Answer Conduct market research to identify potential suppliers, evaluate if the requirement is achievable, and perform any pre-offer conferences or communication Market Research happens in what phases of contracting life cycle? - Answer Is a process continuous through out all phases of the contracting life cycle In planning the solicitation... - Answer Buying activities should analyze risk that can take the form of performing make or by decisions, conducting a supply or service determination, and understanding the required schedule or needs of the customer. Before finalizing the solicitation... - Answer The contract manager will participate in choosing a contract type and contracting method, help determine applicable regulations, and assist in building an evaluation strategy for offers. In response to a solicitation... - Answer The seller will submit an offer The sellers offer should include - Answer The offer must've line with the offerers overall sales plan and overall risk category. determining which parts of the contractperformance the offer will need assistance from partners, subcontractors, or vendors. Communicate with the buying activity to make sure all information has been provided What is the award phase? - Answer The second contract life cycle phase is award. The word phase involves all work performed by both the buyer and seller that produces an award contract.