CONT 1300 REVIEW EXAM WITH PROFESSOR
VERIFIED ANSWERS
Cost risk - answer-An escalation of project costs. It
is the risk that the project will cost more than the
budget allocated for it. Perhaps the most common
project risk, cost risk is due to poor budget
planning, inaccurate cost estimating, and scope
creep
Schedule risk - answer-Activities will take longer
than expected and is typically the result of poor
planning or unforeseen circumstances.
Offer - answer-A response to a solicitation that, if
accepted, would bind the offeror to perform the
resultant contract.
Two Types of Offers - answer-1. Bid - An offer to
perform the work described in a contract at a
specified cost. Government bids are generally cost-
,specific, based on the cost of labor, materials,
profit, and overhead
2. Proposal - A government proposal, sometimes
called a government contract proposal, is a
response written by a private company to a public
government agency for the purchasing of goods or
services
Quote - answer-Used to obtain pricing for a specific
number of well-defined items (This is a quotation,
not an Offer)
Solicitations - answer-Used in negotiated
acquisitions to communicate your requirements to
prospective contractors and to solicit proposals
The Lowest Price Technically Acceptable (LPTA)
includes - answer-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
Risk - answer-A measure of future uncertainties in
achieving program goals and objectives within
defined cost, schedule, and performance
constraints
Key Risk elements of a Contract - answer-Cost,
Schedule, and Performance
Performance risk - answer-The risk that the project
will fail to produce results consistent with project
specifications.
Proposal analysis is done by a contracting officer to
determine proposed prices to be ____ and _____ in all
contract actions - answer-Fair and Reasonable
Proposal Analysis Techniques - answer-1. Price
2. Cost
VERIFIED ANSWERS
Cost risk - answer-An escalation of project costs. It
is the risk that the project will cost more than the
budget allocated for it. Perhaps the most common
project risk, cost risk is due to poor budget
planning, inaccurate cost estimating, and scope
creep
Schedule risk - answer-Activities will take longer
than expected and is typically the result of poor
planning or unforeseen circumstances.
Offer - answer-A response to a solicitation that, if
accepted, would bind the offeror to perform the
resultant contract.
Two Types of Offers - answer-1. Bid - An offer to
perform the work described in a contract at a
specified cost. Government bids are generally cost-
,specific, based on the cost of labor, materials,
profit, and overhead
2. Proposal - A government proposal, sometimes
called a government contract proposal, is a
response written by a private company to a public
government agency for the purchasing of goods or
services
Quote - answer-Used to obtain pricing for a specific
number of well-defined items (This is a quotation,
not an Offer)
Solicitations - answer-Used in negotiated
acquisitions to communicate your requirements to
prospective contractors and to solicit proposals
The Lowest Price Technically Acceptable (LPTA)
includes - answer-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
Risk - answer-A measure of future uncertainties in
achieving program goals and objectives within
defined cost, schedule, and performance
constraints
Key Risk elements of a Contract - answer-Cost,
Schedule, and Performance
Performance risk - answer-The risk that the project
will fail to produce results consistent with project
specifications.
Proposal analysis is done by a contracting officer to
determine proposed prices to be ____ and _____ in all
contract actions - answer-Fair and Reasonable
Proposal Analysis Techniques - answer-1. Price
2. Cost
