CON 3900 - Cost and Price Analysis Exam Questions And Answers 100% Solved

CON 3900 - Cost and Price Analysis Exam Questions And Answers 100% Solved What is the definition of Price? - answercost plus any fee or profit What is the Government's Pricing Policy? - answercomes from reasonable sources, and is done independently and separately; must be fair and reasonable Source Selection in regards to price - answerprice or cost should be evaluated in SS procedures, even in event of trade off (is the Government willing to pay more for whatever the trade off is?) What does the Technical Team evaluate during SS procedures? - answerevaluate hours, hourly wages for labor, materials, etc. (direct costs) The process of examining and evaluating a proposed price w/out evaluating separate cost elements and proposed profit - answerPrice Analysis shall be used when certified cost or pricing data are not required - answerPrice Analysis shall be used when certified cost or pricing data are required - answerCost Analysis Review and evaluation of any separate cost elements and profit or fee in an offeror's proposal; focuses on independent cost elements - answerCost Analysis Independently reviewing and evaluating specific elements of each proposed cost estimate - answerCost Realism Shall be performed on cost-reimbursement contracts to determine the probable costs of performance for each offeror - answerCost Realism What are Allowable Costs? - answerreasonable, allocable, unless listed as exception in FAR subpart 31.2, IAW the terms of the contract, IAW Cost Accounting Standards if applicable, otherwise IAW Generally Accepted Accounting Principles any cost that is identified specifically with a particular final cost objective, costs identified specifically with a contract - answerdirect cost