CPCM Pre-Award and Award Exam 2024

CPCM Pre-Award and Award Exam 2024 Analogy -Answer-A cost estimating technique that involves the following characteristics and considerations: 1-estimates based on similar projects or products 2-Must be able to identify differences 3-must be able to isolate the differences and account for the cost impact of those differences 4-often used for "sanity checks" Award life cycle phase -Answer-1-This is the second of three life cycle phases of contract management. The award process involves all the work by both the buyer and seller that produces an awarded contract Bid/no-bid decision. 2-An internal determination made by the seller's management whether or not to submit an offer or bid, in response to a solicitation (i.e., IFB, RGQ, RFP) Bid opening -Answer-The formal and public announcement of all the bids submitted in response to an invitation for bids (IFB) Bid Phase -Answer-The period of time a seller of goods and/or services uses to develop a bid/proposal, conduct internal bid reviews, and obtain stakeholders approval to submit a bid/proposal. Bid sample -Answer-A sample to be furnished by a bidder to show the characteristics of the product offered in the bid. Bidder -Answer-One who makes a bid Bottom Up -Answer-A cost estimating technique that involves the following characteristics and considerations: 1-Detailed cost-estimating technique 2-Requires knowledgeable estimators 3-Work must be understood 4-Basis of estimates extremely important 5-Very time consuming Business development plan -Answer-A plan that brings focus to all aspects of the solicitation and helps the seller understand the inherent risks of the project and the amounts and types of resources that will be required for contract performance.