CON 3900 Week 3 Test Questions with Answers All Correct

CON 3900 Week 3 Test Questions with Answers All Correct Where does the majority of risk fall in a firm-fixed price contract? - Answer-The contractor What is the definition of price according to FAR 15.401? - Answer-Price = Cost + any fee or profit applicable to the contract type What are the contracting officer's responsibilities with regards to price? (1 of 3) - Answer-Purchase supplies and services from responsible sources at fair and reasonable prices What are the contracting officer's responsibilities with regards to price? (2 of 3) - Answer-Price each contract separately and independently. What should contracting officers NOT do when pricing each contract separately and independently? (2 things) - Answer-1) They should not use proposed price reductions under other contracts as an evaluation factor. 2) They should not consider losses or profits realized or anticipated under other contracts. What are the contracting officer's responsibilities with regards to price? (3 of 3) - Answer-Not include in a contract price any amount for a specified contingency that provides for a price adjustment based upon the occurrence of that contingency. What is pricing? - Answer-The process of establishing a reasonable amount or amounts to be paid for supplies or services. When is price based on adequate price competition? (1 of 3) - Answer--Two or more responsible offerors When is price based on adequate price competition? (2 of 3) - Answer--Award will be made to the offeror whose proposal represents the best value where price is a substantial factor in source selection When is price based on adequate price competition? (3 of 3) - Answer-There is no finding that the price of the otherwise successful offeror is unreasonable. When contracting on a firm-fixed price basis, what will typically satisfy the requirement to perform a price analysis? - Answer-A comparison of proposed prices. True or False: Price to the Government shall be evaluated in every source selection? - Answer-True When contracting on a cost-reimbursement basis, what shall evaluations include? - Answer-A cost realism analysis What shall a cost realism analysis determine? (1 of 3) - Answer-What the Government should realistically expect to pay for the proposed effort What shall a cost realism analysis determine? (2 of 3) - Answer-The offeror's understanding of the work What shall a cost realism analysis determine? (3 of 3) - Answer-The offeror's ability to perform the contract What does the term "fair price" mean for the buyer (Government)? (1 of 2) - Answer-Fair market value of the contract deliverable What does the term "fair price" mean for the buyer (Government)? (2 of 2) - AnswerTotal allowable cost of providing the contract deliverable that would have been incurred by a well-managed, responsible firm using reasonable efficient and economical methods of performance plus a reasonable profit.