Clc 056 Exam Analyzing Contract Costs Exam (Contains 55 Questions) Answered

Round Table Cost Estimating Method {Ans: Experts brought together to develop cost estimates by exchanging views and making judgments based on knowledge and experience. Used when there is little or no cost experience or detailed product info.}Comparison Cost Estimating Method {Ans: Costs for a new item are estimated using comparisons with the cost of completing similar tasks under past or current contracts. Comparisons may be made at the cost element level or total price level. Used when specifications for the item being estimated are similar to other items already produced or currently in production and for which actual cost experience is available.}Select the Resources tab to review the BBOMS contact and then answer the following question. Now that you have determined that the BBOMS contract us subject to CAS, what level of coverage is applicable? {Ans: Full coverage since the contract award is for $50M or more.}Look at the BBOMS contract again. which of the following statements is true? {Ans: Since the BBOMS contract is subject to full CAS coverage, TSS is required to submit a Disclosure Statement to the CFAO and the Cognizant Auditor}One of the elements of the government pricing objective is to ensure