CFCM Contract Planning & Formation

Question 1

What is the primary objective of contract planning?

Accepted Answer

To define procurement needs and ensure effective acquisition

Answer

To delay procurement activities.

Answer

To reduce the number of suppliers.

Answer

To ensure compliance with technical specifications.

Question 2

Which document typically initiates the formal acquisition process?

Accepted Answer

Requisition or purchase request

Answer

Contract modification.

Answer

Statement of work.

Answer

Independent government estimate.

Question 3

Why is market research important in contract planning?

Accepted Answer

It informs requirements and acquisition strategy

Answer

It helps select the most expensive supplier.

Answer

It avoids the need for a statement of work.

Answer

It ensures transparency.

Question 4

What is the role of an acquisition plan?

Accepted Answer

To guide the contracting team through acquisition steps

Answer

To serve as the final contract.

Answer

To advertise the project to the public.

Answer

To avoid competition.

Question 5

Which FAR part primarily addresses acquisition planning?

Accepted Answer

FAR Part 7

Answer

FAR Part 13

Answer

FAR Part 36

Answer

FAR Part 25

Question 6

Which element is critical in determining contract type?

Accepted Answer

Extent and nature of risk involved

Answer

Contractor's location.

Answer

Size of the organization.

Answer

Filing deadlines.

Question 7

What is a Performance Work Statement (PWS)?

Accepted Answer

A description of expected outcomes and performance criteria

Answer

A document describing contractor qualifications.

Answer

A summary of market research findings.

Answer

A document defining technical tasks.

Question 8

When must competition requirements be waived?

Accepted Answer

Only if the agency has an urgent need

Answer

When the contractor demands it.

Answer

To reduce costs.

Answer

To increase options.

Question 9

Which acquisition strategy best reduces delivery risks?

Accepted Answer

Using firm-fixed-price contracts and proactive planning

Answer

Ignoring vendor input.

Answer

Awarding without competition.

Answer

Limiting acquisition to small businesses.