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Everything posted by MLCM

  1. Enter the contest! Win a book!

    Response from user MLCM, 13 Jun 2014: 1. audit (as in proposal audit) A review of submitted cost and price data to ascertain completeness, accuracy and reasonableness of the data. 2. competition (as in competition improves quality and reduces prices) The occurrence of two or more than one contractors proposing on a product or service. 3. complex (as in she’s working on a large, complex acquisition) Adjective describing a noun and indicating that the noun is composed of many, interrelated or interconnected parts. 4. condition (as in terms and conditions) A requirement that shall be met by one party so that that the second party shall then be required to meet their (the second party’s) obligation. 5. contract term (as in they won’t accept that contract term) The length of the contract performance period, expressed in time, such as days, months, years, etc. 6. cost (as in cost estimate) The value of the component parts of a whole, with profit added to the total amount that is computed. 7. dispute (as in a dispute must be handled under FAR 33.2) A disagreement between two parties. 8. equitable adjustment (as in they want an equitable adjustment) An agreement where a dispute or disagreement is settled that is mutually acceptable to both parties because the agreement is fair to both. 9. evaluation factor (as in source selection evaluation factor) A criteria used to determine acceptability or non-acceptability of a contractor’s proposal. 10. fairly (as in COs must treat contractors fairly) Adverb indicating equal treatment. 11. incentive (as in contractual incentive) The possibility of a reward for a specified contract performance. 12. need (as in an acquisition should fulfill the Government’s needs) The service or supply that the Government requires to enable it to sustain operations. 13. profit (as in we offered them a fair profit) The reward that a contractor receives for completing a contract that does not go to pay any of the contractor’s expenses. 14. purchase request package (as in the purchase request package was inadequate) The set of documents that describes or defines what the Government wants to buy. 15. rating (as in evaluators will assign a proposal rating) The indicator that describes whether a proposal is acceptable or not acceptable. 16. relative importance (as in evaluation factor relative importance) The comparison of two factors to each other that describes which of the two factors is more desirable. 17. requirement (as in the program office specified its requirements) The service or supply that the Government wants to procure to enable it to sustain operations. 18. risk (as in contract performance risk) The probability that an adverse future event will occur. 19. tradeoff (as in source selection tradeoff analysis) The comparison of two factors where one factor can be chosen instead of the second factor, accompanied by critical thinking and reasoning supporting the choice. 20. uncertainty (as in uncertainty about performance outcomes) The possibility that an unknown event may occur that will jeopardize contract performance.