COR 2 PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+<RECENT VERSION>

COR 2 PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+&lt;RECENT VERSION&gt; 1) FAR - ANSWER Federal Acquisition Regulation 2) FAR must follow - ANSWER 1) commit to fair and open competition ensure responsible use of taxpayer money maintain highest ethical standards 3) COR general responsibilities - ANSWER 1) acquisition planning 2) market research 3) contract/performance management 4) COR traits - ANSWER technical expertise and familiarity with all aspects of the contract 5) COR specific duties - ANSWER 1) furnish technical direction and monitor contract performance 2) maintain independent relationship 3) ensure contractors are paid for authorized services/materials only 4) review, accept, and reject deliverables 6) OFPP - ANSWER Office of Federal Procurement Policy 7) mission of FAI - ANSWER ensure the development of a federal acquisition workforce 8) COR planning purpose - ANSWER 1) validate identified need 2) establish requirements 3) develop elements of the acquisition plan 9) COR planning responsibilities - ANSWER 1) assist with market research 2) define requirements 10) 2 meanings of solicitation - ANSWER 1) process of requesting bids from potential contractors 2) physical document requesting bids from potential contractors (RFP, RFB, RFQ) 11) During solicitation, the gov't releases the following to industry - ANSWER 1) request for proposal (RFP) 2) request for bid (RFB) 3) request for quote (RFQ) 12) COR evaluation step - ANSWER 1) assessment of proposal using criteria in RFP, RFB, RFQ 2) evaluate nonprice factors 3) input in the TET summary report 13) COR award step - ANSWER 1) CO issues execution contract signed by all parties 2) notify all unsuccessful parties 3) delegation letter and contract docs and forms given to the COR 14) COR post-award tasks - ANSWER 1) monitor contractor performance 2) receive and approve invoices 3) assure contractor security 4) maintain documentation 5) assist with close-out 15) how do you know when to function as a COR or a PM? - ANSWER If contract, then PM. If delegation letter, then COR 16) internal stakeholder - ANSWER any person, group or org whose interests will be directly affected by the project 17) examples of internal stakeholder - ANSWER pm, co, cor, ipt, business sponsors, senior leadership 18) external stakeholders - ANSWER benefit indirectly from the project 19) examples of external stakeholders - ANSWER contractors, legislators, taxpayers, veterans 20) IPT - ANSWER integrated product team 21) when is an IPT needed? - ANSWER projects valued above 7 million or projects that are complex, carry technical risk, program risk or business risk 22) acquisition plan answers what questions - ANSWER 1) what are we buying 2) does anyone make what we need? 3) how much are we willing to pay? 4) how will we go about getting bids? 5) how will we choose the vendor? 6) how will we guarantee we get what we paid for? 7) does it meet the requirements? 23) SON document - ANSWER Strategic Statement of Need document 24) market research planning - ANSWER 1) potential solutions in marketplace and govt 2) availability of commercial services 3) current market price 4) terms and conditions 5) industry standards 6) specific requirements 7) potential risks 25) technical skills for market research - ANSWER comparative analysis, quantitative data, qualitative data, financial analysis 26) performance based acquisition strategy - ANSWER at least 40% performance indicator 27) Statement of Work (SOW) - ANSWER 1) describes work to be performed or services rendered 2) defines responsibilities of gov't and contractor 3) provides objectives measure of completed work 28) Performance Work Statement (PWS) - ANSWER 1) emphasizes outcomes 2) usually, simplified contract administration 3) may include positive/negative incentives 4) shifts responsibilities for achieving acceptable performance to the contractor 29) technical requirements must be SMART, which stands for - ANSWER specific, measurable, attainable, relevant, timely 30) recurring requirements - ANSWER repetitive purchase of the same product or service over a set time period 31) types of contracts - ANSWER 1) fixed-price (FFP) 2) cost-reimbursement (CPFF) 3) incentive 4) indefinite-delivery 5) time and materials, labour-hour, and letter 32) FFP key features - ANSWER - price wont change with contractors cost increase - risk and responsibility for costs mainly on contractor - gov't contract administration minimized - preferred contract type 33) FFP contract is best used when - ANSWER - work can be clearly defined - reasonable price comparisons - realistic estimates are possible - stable environment/requirements 34) cost plus fixed fee (CPFF) contract key features - ANSWER - fee is negotiated and fixed - effort poses too great a risk - limitations are imposed 35) incentive contracts key features - ANSWER - used fixed-price contracts are not appropriate - incentive results in lower costs - incentive results in improved delivery or technical performance 36) indefinite-quantity contracts key features - ANSWER - minimal gov't levels maintained - flexibility in quantities and schedule - limit gov't obligation 37) time and materials (T&M) contracts key features - ANSWER - direct labour hrs at specified rate - materials at actual cost - gov't surveillance necessary 38) T&M contracts is best used when - ANSWER -type of labour is known -gov't assumes risk -labour hr is a variation 39) basic order agreement (BOA) - ANSWER - terms and clauses for future contracts - method for pricing, issuing, delivering - expedite contracting for uncertain requirements when other factors are known 40) blanket purchase agreement (BPA) - ANSWER - simplified method of filling anticipated repetitive needs - usually local supplier - may establish more than 1 to maintain competitive price