L3ABR6C031 Contracting Apprentice Block 2 Exam Questions With Verified Answers

L3ABR6C031 Contracting Apprentice Block 2 Exam Questions With Verified Answers 7A-123.) Which FAR Part dictates how the federal government conducts market research? - answerFAR Part 10, Market Research 7A-123.) What is "market research" IAW FAR Subpart 2.101? - answerMarket 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? - answer1.) 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. - answerFalse. 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 _________________. - answer1.) 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)? - answer1.) 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? - answerTo "use the results of their market research to make acquisition planning decisions." 7B-127.) What is the DPAP? - answerThe Defense Procurement and Acquisition Policy. 7B-127.) According to the DPAP, what is strategic sourcing? - answerStrategic 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? - answerSupply 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. - answer1.) 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? - answerPurchasing, and involves only the procurement function. 7B-128.) How does strategic sourcing benefit contracting professionals? - answer1.) 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? - answerTangible 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? - answerThey 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? - answerFAR Part 8 7C-131.) FAR Part 8.002 outlines what? - answerMandatory 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? - answer1.) 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? - answerCategory Councils (A.K.A Commodity Councils) 7B-129.) What is the mission of the Strategic Sourcing Squadrons? (e.g. 771 ESS, 772 ESS, 773 ESS) - answerTheir mission is to research and recommend opportunities for strategic sourcing as well as write and administer contract vehicles for the entire AF.