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Contracts and contract law

Consult the Pricing Guide Index if you hit an area and are not comfortable with your knowledge. Taking time to go through these hints will benefit you and your success.

1. Many of the questions deal with direct and indirect costs. This includes examples you will be given and asked which element would be charged as direct or indirect.
2. How are indirect rates developed?
3. What information is important in developing an improvement/learning curve?
4. What is the objective of negotiation?
5. What is the objective of cost analysis? What is cost realism ?
6. What are questioned costs?
7. What are the different approaches to developing a cost estimate?
8. When you consider different labor categories in a proposal what is the primary issue you are considering? What about when you look at the rates proposed for the labor categories?
9. Understand there are many kinds of indirect cost categories... G&A, labor overhead etc.
10. Why is the selection of contract type important?
11. What do the ratios used in incentive contracts mean?
12. Can you calculate mean, median, mode and range?
13. What is a price index and how do you develop it?
14. What is fringe?
15. What is an award fee and how is it used?

Solution Preview

http://www.law.cornell.edu/cfr/text/48/1552.215-72

1. Many of the questions deal with direct and indirect costs. This includes examples you will be given and asked which element would be charged as direct or indirect.

2. How indirect rates are developed?

Indirect cost rates are developed in accordance to approval from the federal governmental agency predicated upon indirect cost proposals that must be accompanied by supporting documentation submitted by organizations.

3. What important information for developing an improvement/learning curve?

Important information associated with developing a learning curve must be based upon the paradigm that individuals and organizations acquire knowledge by doing work. Therefore, continued repetitive changes will allow organizations and individuals to attain experience through repetition, which will result in improvements to their behavior or learning. In summary, the influx of additional transactions occurring in a service will decrease the per-unit cost at a decreasing rate, which is followed by a learning curve enabling an organization to obtain an competitive advantage over ...

Solution Summary

This solution discusses contracts and contract law.

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