CGFM Exam 3: Section 1, Chapter 4 - Acquisition management correctly answered 2023

CGFM Exam 3: Section 1, Chapter 4 - Acquisition management correctly answered 2023The four basic phases in acquiring goods and services are? - correct answer 1) establishing specifications 2) soliciting supply sources 3) awarding contracts 4) monitoring contractor performance 2 basic methods for soliciting potential contractors - correct answer (1) formal advertising through invitations for bid (IFB) and (2) a less formal solicitation through requests for proposal (RFP). The method that is used largely depends on whether there are firm specifications for the goods or services to be acquired. When to use firm fixed price contracts - correct answer used when procurement requirements can be established with sufficient specificity to enable potential vendors to establish firm prices. When to use cost reimbursable contracts - correct answer when looking for more flexibility RFP - correct answer A request for proposals is generally used to obtain proposals leading to negotiation of a contract based on a variety of factors, in addition to price, such as the contractor that proposes the best approach to providing the services. A request for proposal for a specific program may require the company to review the bids to not only examine their feasibility but also the health of the bidding company and the ability of the bidder to actually do what is proposed. Cost analysis includes? - correct answer 1) O/H cost consideration 2) Supervision cost consideration 3) behavioral issues, security issues, and quality of service Federal Acquisition Regulation - FAR (Part 6.101) - correct answer FAR (Part 6.101) cites specific laws that "require, with certain limited exceptions, that contracting officers shall promote and provide for full and open competition in soliciting offers and awarding government contracts." invitation for bid (IFB) - correct answer awarded based on cost. When a company or organization provides detailed project specifications and allows contractors to send in their proposals indicating how much the project will cost to complete. Because the focus of the invitation for bid is on the bidder's price for project completion, there is less emphasis on the bidder introducing its own ideas. This separates the IFB from a request for proposal (RFP). ITB award - correct answer awarded based solely on lowest cost RFP award - correct answer based on: a) the potential contractors' apparent understanding of the procuring agency's requirements, b) the way in which the contractor proposes to perform the work, c) the relevant experience of its staff, d) its performance record on previous government contracts, e) Price Simplified Procurements - correct answer 1) prequalifying vendors 2) buying from statewide or fed contracts 3) Blanket purchase agreements 4) small purchase agreements 5) credit cards Fixed Price Contracts - correct answer Contracts in which prices are not subject to adjustment, regardless of the contractor's cost of work. Assuming there are no changes in the scope of the contract, the contractor is expected to deliver the quantities and quality specified in the contract Cost reimbursable contracts - correct answer Provide for the payment of allowable costs incurred to the extent (ceiling) specified in the contract.