L3ABR6C031 Contracting Apprentice
Block 2
☆7A-123.) Which FAR Part dictates how the federal government conducts market
research? - ANS-FAR Part 10, Market Research
☆7A-123.) What is "market research" IAW FAR Subpart 2.101? - ANS-Market research
is "collecting and analyzing information about capabilities within the market to satisfy
agency needs"
☆7A-123.) How shall market research be conducted according to FAR Subpart 10.001?
- ANS-1.) Appropriate to the circumstances
2.)Before developing new requirements
3.) On an ongoing basis
4.) Over the SAT - before soliciting offers
5.) Below the SAT - before soliciting offers when adequate information is not available
and the circumstances justify the cost
7A-124.) (True/False) "Tablet" is a sufficient enough description to proceed with market
research. - ANS-False. Your "description of need" should include as much context as
possible to ensure that the government has an idea of what to look for.
☆7A-124.) FAR Subpart 10.002(b)(1) explains that market research will vary depending
on _________________, _________________, _________________, and
_________________. - ANS-1.) urgency
2.) estimated dollar value
3.) complexity
4.) and past experiences
,☆7A-124.) What are the four techniques available to perform market research
according to FAR Subpart 10.002(b)(2)? - ANS-1.) Contacting knowledgeable
individuals in government and industry
2.) Review the results of recent market research
3.) Publish formal request for information
4.) Query the government-wide database of contracts
☆7A-125.) The FAR requires contracting professionals to do what with market
research? - ANS-To "use the results of their market research to make acquisition
planning decisions."
☆7B-127.) What is the DPAP? - ANS-The Defense Procurement and Acquisition Policy.
☆7B-127.) According to the DPAP, what is strategic sourcing? - ANS-Strategic sourcing
is the collaborative and structured process of critically analyzing an organization's
spending and using this information to make business decisions.
7B-127.) What is supply chain management? - ANS-Supply chain management is a
system involving various functions that come together for complex and large scale
acquisitions.
7B-127.) Name the common functions in the supply chain. - ANS-1.) Procurement
2.) logistics
3.) inventory control
4.) product life-cycle management
5.) demand management
7B-127.) Strategic sourcing is focused on large, complex acquisitions. What is
operational contracting focused on? - ANS-Purchasing, and involves only the
procurement function.
, 7B-128.) How does strategic sourcing benefit contracting professionals? - ANS-1.) It
creates an exponentially more efficient work environment.
2.) Strategic sourcing saves both tangible and intangible costs.
7B-128.) What is the difference between tangible and intangible cost? - ANS-Tangible
costs are realized when buying in bulk, thereby reducing individual item price. Intangible
cost savings are captured alongside the benefit of higher level efficiency. (Time saved is
money saved)
☆7B-128.) How do category councils secure discounts? - ANS-They provide a reliable
source of vetted companies to place bulk orders without going through the entire
procurement process.
☆7C-131.) Which FAR Part provides guidance on mandatory sources? - ANS-FAR Part
8
7C-131.) FAR Part 8.002 outlines what? - ANS-Mandatory sources and their priority for
use. The mandatory sources are dependent on whether the requirement is for supplies
or services.
☆7A-125.) The entire MFT team shares a portion of responsibility for using the results
of market research to determine what 4 things? - ANS-1.) If sources capable of
satisfying the agency's requirements exist.
2.) Commercial Item availability
3.) Customary Commercial Practices
4.) Small business set-asides
☆7B-128.) What tools are created to leverage the benefit of buying products and
services in bulk thereby securing the best overall value through quantity discount? -
ANS-Category Councils (A.K.A Commodity Councils)
Block 2
☆7A-123.) Which FAR Part dictates how the federal government conducts market
research? - ANS-FAR Part 10, Market Research
☆7A-123.) What is "market research" IAW FAR Subpart 2.101? - ANS-Market research
is "collecting and analyzing information about capabilities within the market to satisfy
agency needs"
☆7A-123.) How shall market research be conducted according to FAR Subpart 10.001?
- ANS-1.) Appropriate to the circumstances
2.)Before developing new requirements
3.) On an ongoing basis
4.) Over the SAT - before soliciting offers
5.) Below the SAT - before soliciting offers when adequate information is not available
and the circumstances justify the cost
7A-124.) (True/False) "Tablet" is a sufficient enough description to proceed with market
research. - ANS-False. Your "description of need" should include as much context as
possible to ensure that the government has an idea of what to look for.
☆7A-124.) FAR Subpart 10.002(b)(1) explains that market research will vary depending
on _________________, _________________, _________________, and
_________________. - ANS-1.) urgency
2.) estimated dollar value
3.) complexity
4.) and past experiences
,☆7A-124.) What are the four techniques available to perform market research
according to FAR Subpart 10.002(b)(2)? - ANS-1.) Contacting knowledgeable
individuals in government and industry
2.) Review the results of recent market research
3.) Publish formal request for information
4.) Query the government-wide database of contracts
☆7A-125.) The FAR requires contracting professionals to do what with market
research? - ANS-To "use the results of their market research to make acquisition
planning decisions."
☆7B-127.) What is the DPAP? - ANS-The Defense Procurement and Acquisition Policy.
☆7B-127.) According to the DPAP, what is strategic sourcing? - ANS-Strategic sourcing
is the collaborative and structured process of critically analyzing an organization's
spending and using this information to make business decisions.
7B-127.) What is supply chain management? - ANS-Supply chain management is a
system involving various functions that come together for complex and large scale
acquisitions.
7B-127.) Name the common functions in the supply chain. - ANS-1.) Procurement
2.) logistics
3.) inventory control
4.) product life-cycle management
5.) demand management
7B-127.) Strategic sourcing is focused on large, complex acquisitions. What is
operational contracting focused on? - ANS-Purchasing, and involves only the
procurement function.
, 7B-128.) How does strategic sourcing benefit contracting professionals? - ANS-1.) It
creates an exponentially more efficient work environment.
2.) Strategic sourcing saves both tangible and intangible costs.
7B-128.) What is the difference between tangible and intangible cost? - ANS-Tangible
costs are realized when buying in bulk, thereby reducing individual item price. Intangible
cost savings are captured alongside the benefit of higher level efficiency. (Time saved is
money saved)
☆7B-128.) How do category councils secure discounts? - ANS-They provide a reliable
source of vetted companies to place bulk orders without going through the entire
procurement process.
☆7C-131.) Which FAR Part provides guidance on mandatory sources? - ANS-FAR Part
8
7C-131.) FAR Part 8.002 outlines what? - ANS-Mandatory sources and their priority for
use. The mandatory sources are dependent on whether the requirement is for supplies
or services.
☆7A-125.) The entire MFT team shares a portion of responsibility for using the results
of market research to determine what 4 things? - ANS-1.) If sources capable of
satisfying the agency's requirements exist.
2.) Commercial Item availability
3.) Customary Commercial Practices
4.) Small business set-asides
☆7B-128.) What tools are created to leverage the benefit of buying products and
services in bulk thereby securing the best overall value through quantity discount? -
ANS-Category Councils (A.K.A Commodity Councils)
