CON 1300 REVIEW TEST EXAM WITH COMPLETE
SOLUTIONS GRADED A+
What is the definition of contract risk?
“a measure of future uncertainties in achieving
program goals and objectives within defined cost,
schedule, and performance constraints.”
What are the three key risk elements of a contract?
1. Cost
2. Schedule
3. Performance
_____ and _____ are two ways to mitigate risk. They
are closely related and should be considered
together.
1. Contract type
2. Contract pricing
A _____ is a response to a solicitation that, if
accepted, would _____ the offeror to perform the
resultant contract.
1. Offer
,2. Bind
These two offer response types are
considered binding offers:
1. Bid
2. Offer/Proposal
A _____ is not an offer because it does not bind the
contractor to perform a task.
Quote
_____ are used to solicit in simplified acquisition
procedures. Reponses to this solicitation come in the
form of a _____. It is important to remember that this
response _____ considered an offer
and _____ binding. Far reference: ______
1. Requests for quotations (RFQ)
2. Quote
3. Is NOT
4. Is NOT
5. Part 13
_____ are used to solicit within sealed bidding
procedures. Reponses to this solicitation come in the
,form of a _____. It is important to remember that this
response _____ considered an offer
and _____ binding. Far reference: _____
1. Invitations for bids (IFB)
2. Bid
3. Is
4. Is
5. Part 14
_____ are used to solicit within contract by
negotiation procedures. Reponses to this solicitation
come in the form of a _____. It is important to
remember that this response _____ considered an
offer and _____ binding. Far reference: _____
1. Requests for Proposal (RFP)
2. Proposal
3. Is
4. Is
5. Part 15
Trade-off proposals include and are considered
by _____, _______, and ______ parameters.
, 1. Technical
2. Cost/Price
3. Past Performance
True or False. A quotation is considered an offer?
False : A Quote is not an offer because it does not bind
the contractor to perform a task.
An offer for a RFQ under FAR subpart 8.4 is a _____.
Purchase Order
The Lowest Price Technically Acceptable (LPTA)
includes:
1. Evaluation factors and sub factors shall be in the
solicitation
2. Based on Lowest Price and Technically Acceptable
Offer
3. Solicitations shall specify that award will be made
on basis of LPTA
Tradeoffs Include or are guided by:
1. Characteristics of the tradeoff process: FAR 15.101-
1
SOLUTIONS GRADED A+
What is the definition of contract risk?
“a measure of future uncertainties in achieving
program goals and objectives within defined cost,
schedule, and performance constraints.”
What are the three key risk elements of a contract?
1. Cost
2. Schedule
3. Performance
_____ and _____ are two ways to mitigate risk. They
are closely related and should be considered
together.
1. Contract type
2. Contract pricing
A _____ is a response to a solicitation that, if
accepted, would _____ the offeror to perform the
resultant contract.
1. Offer
,2. Bind
These two offer response types are
considered binding offers:
1. Bid
2. Offer/Proposal
A _____ is not an offer because it does not bind the
contractor to perform a task.
Quote
_____ are used to solicit in simplified acquisition
procedures. Reponses to this solicitation come in the
form of a _____. It is important to remember that this
response _____ considered an offer
and _____ binding. Far reference: ______
1. Requests for quotations (RFQ)
2. Quote
3. Is NOT
4. Is NOT
5. Part 13
_____ are used to solicit within sealed bidding
procedures. Reponses to this solicitation come in the
,form of a _____. It is important to remember that this
response _____ considered an offer
and _____ binding. Far reference: _____
1. Invitations for bids (IFB)
2. Bid
3. Is
4. Is
5. Part 14
_____ are used to solicit within contract by
negotiation procedures. Reponses to this solicitation
come in the form of a _____. It is important to
remember that this response _____ considered an
offer and _____ binding. Far reference: _____
1. Requests for Proposal (RFP)
2. Proposal
3. Is
4. Is
5. Part 15
Trade-off proposals include and are considered
by _____, _______, and ______ parameters.
, 1. Technical
2. Cost/Price
3. Past Performance
True or False. A quotation is considered an offer?
False : A Quote is not an offer because it does not bind
the contractor to perform a task.
An offer for a RFQ under FAR subpart 8.4 is a _____.
Purchase Order
The Lowest Price Technically Acceptable (LPTA)
includes:
1. Evaluation factors and sub factors shall be in the
solicitation
2. Based on Lowest Price and Technically Acceptable
Offer
3. Solicitations shall specify that award will be made
on basis of LPTA
Tradeoffs Include or are guided by:
1. Characteristics of the tradeoff process: FAR 15.101-
1
