Analyzing Contract Costs Exam QUESTIONS AND ANSWERS GRADED A

Analyzing Contract Costs Exam QUESTIONS AND ANSWERS GRADED A 1. Identify the circumstances when cost analysis should be performed by answering the following question: “Unless an exception to certified cost or pricing data applies, you can perform cost analysis on which of the following procurements? a. All of these are correct b. The award of a subcontract at any tier, if the contractor and each higher-tier subcontractor have been required to furnish certified cost or pricing data. c. The modification of any sealed bid or negotiated contract d. The award of any negotiated contract (except for undefinitized actions such as letter contracts. 2. What is the best method for determining an improvement curve slope? a. Using the median percentage from similar products b. Using established slopes from the Cost Estimator’s Reference Manual c. Using actual historical data d. Using averages derived from recent procurements 3. Each Price Negotiation Memorandum must contain which one of the following?a. Statement that the price is fair and reasonable b. Signature of the Contract Specialist c. Signature of the Legal Counsel d. Statement that the FAR was consistently followed. 1. Identify the circumstances when cost analysis should be performed by answering the following question: “Unless an exception to certified cost or pricing data applies, you can perform cost analysis on which of the following procurements? a. All of these are correct b. The award of a subcontract at any tier, if the contractor and each higher-tier subcontractor have been required to furnish certified cost or pricing data. c. The modification of any sealed bid or negotiated contract d. The award of any negotiated contract (except for undefinitized actions such as letter contracts. 2. What is the best method for determining an improvement curve slope? a. Using the median percentage from similar products b. Using established slopes from the Cost Estimator’s Reference Manual c. Using actual historical data d. Using averages derived from recent procurements 3. Each Price Negotiation Memorandum must contain which one of the following?a. Statement that the price is fair and reasonable b. Signature of the Contract Specialist c. Signature of the Legal Counsel d. Statement that the FAR was consistently followed.