Exam Bank for CON1200- Questions Answered Correctly New Version

Exam Bank for CON1200- Questions Answered Correctly New Version What are the two types of contract modifications? - Answers bilateral and unilateral T/F: Overriding goal of a private sector-for-profit company is to maximize value of company to shareholders. - Answers True T/F: Best way to win a contract award is to start the proposal process when the solicitation is released. There is little value to be gained by starting before then. - Answers False T/F: There are many barriers to entry for companies wanting to do business with the Government. - Answers True Usually recovered as indirect costs on current and future Government contracts. - Answers Bid and proposal costs. Business Pipeline - Answers Process for measuring and enhancing business development efforts Which of the following statements about incumbent contractors is false? - Answers If incumbent contractor is performing satisfactorily, Government can issue a sole source award to the incumbent. Involves identifying, acquiring, and managing resources and suppliers that are essential to the operations of a company. - Answers Supplier Management T/F: The more risk the company assumes, the more profit they expect to earn. - Answers True What companies are included in the "Big 5"? - Answers Lockheed Martin, Boeing, Northrop Grumman, Raytheon, and General Dynamics What is driving small business suppliers, "an engine of innovation," out of the defense sector? - Answers Uneven funding Nontraditional Defense Contractor (NDC) - Answers Firms of all sizes and types that do not provide defense-specific goods or services What is the DoD goal? - Answers Fast delivery of cutting-edge innovation and new technologies to keep its fighting forces equipped with the best weapon and support systems available. The DoD Office of Small Business Programs (OSBP) - Answers Helps small businesses overcome barriers to entry and maximize opportunities for small businesses to contribute to national security. CMS - Answers Contract Management Standard Two domains of the CMS: - Answers Domain A - Develop Solicitation Domain B - Develop Offer Pre-Award portion of the contract life cycle for industry is segmented into 3 phases, although there is often overlapping between these phases: - Answers Business Development Capture Proposal Development Core Competencies - Answers Capabilities or advantages that a business may have that distinguish it from competition. Develop Solicitation - Answers Buyer (Government agency) determines customer requirements, then describes those requirements and other relevant terms/conditions through a solicitation to the sellers. What two competencies is Develop Solicitation made up of? - Answers Plan Solicitation and Request Offers Develop Offer - Answers Seller (industry) develops business practices/strategies in response to solicitations, intending to win contract What two competencies is the Pre-Award Phase and Develop Offer made up of? - Answers Plan Sales and Prepare Offer The following are strategic questions that a company must answer for itself: - Answers - What business are we in? - Who do we answer to? - What differentiates us? - What is our competency? While ____ is about determining a corporate strategy, ____ is building the foundation for opportunity assessment. - Answers Market Intelligence; Market Research Market Intelligence - Answers Information about the market itself and is wider in scope OFPP - Answers Office of Federal Procurement Policy Overriding goal of a private sector company: - Answers - Maximize company value to shareholders - Maximize profits or returns - Minimize expenses Motivations for companies to seek government contracts: - Answers - Market size - Reliable revenue - Mission outcome contribution - Advantages for small, minority, veteran, women owned companies Solutions identified by Government leaders to address the barriers: - Answers - Engage suppliers early - Simplify requirements - Target programs for new/innovative suppliers - Simplify and cost manage procurement process - Invest in marketing and outreach to suppliers What does transparency in business imply? - Answers Openness, communication, and accountability Differing perspectives between Government and Industry when it comes to transparency and access to information: - Answers - Rules - Risk - Communication - Competition - Making the deal - Opportunity Teaming Agreements used in Conduct Procurements - Answers Generally, only apply to one solicitation or specific Government program, limiting parties' obligations to one another. Privity of Contract - Answers Contract may not confer rights/impose obligations except for specific parties that have formed contract Strategic Alliances - Answers Arrangement between two companies to undertake a mutually beneficial project or achieve common business goals, while remaining independent. Companies form a ______ that can be established to cover multiple solicitations and contracts. - Answers Separate legal entity Consortia - Answers - Entities agreeing to participate under common rule set. - Organized along focused, product-oriented portfolios commonly associated with Other Transaction Agreements. Mentor-Protégé - Answers DoD contractors assist protégé companies to enhance their capabilities and increase participation in Government and commercial contracts DoD Mentor-Protégé Program - Answers Assists small businesses (protégés) to successfully compete for prime contracts and subcontract awards by partnering with large companies (mentors) under individual, project-based agreements. Insourcing - Answers Business practice performed within the operational infrastructure of the organization Outsourcing - Answers Hiring outside organization not affiliated with the company to complete specific tasks Offshoring - Answers Moves company business process to foreign location, while allowing you to retain control of the business process. Can save on labor and production costs when hiring talent and buying resources from developing countries. Ultimately the underlying objective in any make versus buy decision is to: - Answers Improve performance and increase company value Acquisition Planning - Answers Act of planning, required in every acquisition. Acquisition Plan - Answers Physical document - does not have to be completed in every acquisition. When should acquisition planning begin? - Answers As soon as the agency need is identified Acquisition planning helps ensure: - Answers Government meets its needs in the most effective, economical, and timely manner. In the DoD, who has overall responsibility for acquisition planning? - Answers Program Manager (PM) or other official responsible for program What must a written acquisition plan address? - Answers - Technical, business, management, and other significant considerations that will control the acquisition - Description of strategies for implementing performance-based acquisition methods or the rationale for not using those methods. Sections of Acquisition Plan: - Answers Acquisition Background and Objectives; Plan of Action Make-or-Buy - Answers Contractor's written plan outlining what it will produce (Make) and wha