LSUS - ISDS 715: Module 6 Exam Elaboration with 100% Correct Answers

LSUS - ISDS 715: Module 6 Exam Elaboration with 100% Correct Answers Advertising *Ans* The process of calling public attention to a project or effort. Bidder Conference *Ans* The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Often used on large-dollar contracts. Also known as contractor conferences, vendor conferences, or pre-bid conferences. Cost-Reimbursable Contract *Ans* A type of contract involving payment to the seller for the seller's actual costs, plus a fee typically representing seller's profit. Cost-reimbursable contracts often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment. Cost Plus Award Fee Contracts (CPAF) *Ans* A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit. Cost Plus Fixed Fee Contract (CPFF) *Ans* A type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee). Cost Plus Incentive Fee Contract (CPIF) *Ans* A type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria. Cost Plus Percentage of Cost (CPPC) *Ans* A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus a fee that rises as the contractor's cost rise. Because this contract type provides no incentive for the contractor to control costs it is rarely utilized. The U.S. Federal Acquisition Regulations specifically prohibits the use of this type for U.S. Federal Government contracting (FAR Part 16.102). Firm-Fixed Price (FFP) *Ans* A type of contract that provides for a price that is not subject to any adjustment on the