What do you consider when determining if a cost is allowable?

What do you consider when determining if a cost is allowable?

(a) A cost is allowable only when the cost complies with all of the following requirements: (1) Reasonableness. (2) Allocability. (3) Standards promulgated by the CAS Board, if applicable, otherwise, generally accepted accounting principles and practices appropriate to the circumstances.

When should past performance information be provided to the contractor?

Contractors shall be afforded up to 14 calendar days from the date of notification of availability of the past performance evaluation to submit comments, rebutting statements, or additional information.

What determines the government’s right to audit a contractor?

Government Audit Rights Under certain circumstances, the Government has the right to audit a contractor’s price proposal prior to negotiations, as well as to audit directly pertinent records, books, and other data of the contractor at any time up to three years after final contract payment.

What are the responsibilities of a contracting officer representative?

Contracting Officer’s Representatives (CORs) play a critical role in ensuring that contractors meet the commitment of their contracts. They facilitate proper development of requirements and assist Contracting Officers in developing and managing their contracts.

What are reasonable costs?

Reasonable cost means a cost that is, in nature and amount, not in excess of what would be incurred by an ordinary prudent person in the conduct of a business.

What costs are unallowable?

Unallowable Costs, FAR 31.2. The government as a matter of law and regulation will not reimburse contractors for certain types of costs it may incur. These costs are generally referred to as Unallowable Costs. Unallowable costs are prohibited from any billing, proposal or claim.

What is the primary purpose of evaluating past performance?

The primary purpose of past performance evaluations is to ensure the contractor is held accountable for its performance and that accurate data on contractor performance is current and available for use in source selections.

What is the rule of two in government contracting?

The Rule of Two says that if there are two qualified and competitive small businesses expected to submit an offer between these two amounts, the contract opportunity is automatically set-aside for small business. Any contract above $150,000, according to FAR 19.

What is the federal contractor minimum wage?

$10.95 per hour
Currently, the minimum wage for workers on federal contracts is $10.95 per hour and the tipped minimum wage is $7.65 per hour. Biden’s executive order says that starting on January 30, 2022, agencies have to incorporate the new minimum wage into their contract solicitations.

What is or are the most important responsibilities of a cor?

The COR is a servicemember or Department of Defense (DOD) civilian appointed in writing by a contracting officer. CORs play a key role in representing the requiring activity and the contracting officer, providing contract oversight, and influencing the contractor to meet the terms and conditions of the contract.

What to consider when comparing current and prior periods?

Plotting year-to-date sales for the current and prior year makes it clear how things progressed through the year. The last chart sets the prior year on the zero axis, showing that while sales underperformed at first, they continued improving and eventually ended the year above target.

How to compare current year to prior year?

The quick, easy way to answer that is to add up the numbers and compare prior year-to-date (PYTD) to the results of the current year-to-date (CYTD). However, be wary of the pitfalls that come with that approach. Focusing on only two points in time can skew perceptions by ignoring broader trends or using a poorly chosen baseline.

How to check for correlation coefficient in R?

You can use Kendalls Tau, spearmans rho, or just correlation coefficient to check for these. In R the code will look something like This sounds like an attempt to compare two samples each of size one. If the two time series are not equal, then there is, with hindsight, and arbitrage strategy.

What happens if the two time series are not equal?

If the two time series are not equal, then there is, with hindsight, and arbitrage strategy. The question is whether this strategy is discoverable in advance. To answer this you must have some idea of the universe from which strategies can be drawn, e.g. an arbitrageur could be guided by exchange rates, weather, phases of the moon…