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Re: Week 1 Discussion

In: Business and Management

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Discussion Question Week 1
By: Rashad C Wright
Determine the three primary purposes of cost estimates. Predict two issues that could arise if a cost estimate is not conducted properly or at all.
The IGCE serves as the basis for reserving funds during the acquisition planning period. Which means that it is used for comparing costs or prices proposed by offerors or applicants. The IGCE also serves as an objectives basis for determining price reasonableness. Agreement, Contracting, and Budget Officers review past government purchases to justify both price and costs of a product and services before awarding a contract. Also the ability to review current reasonable market price, provides an opportunity to negotiate realistic prices when the Government request corrections in the IGCE. There are three primary purpose of cost estimate. The primary purpose of cost estimates are: To reserve funds for the contract during the acquisition planning phase, As a basis of comparison for costs or prices proposed by prospective vendors, To determine price reasonableness if only one vendor responds to a solicitation. Reserving the funds for contracting during the acquisition planning phase is great because it helps with assisting preparation for upcoming budgets. Budgeting officers are able to ensure that allotted funds are available for government projects. The second primary purpose is the comparison for costs or prices proposed by prospective vendors. This importance of this purpose as it relates to cost estimates, serves as an evaluation criteria as well as help determine whether prices offered by vendors are fair and reasonable. Cost estimates can also be used to determine prices reasonableness if only one vendor response to a solicitation. This purpose eliminates incomplete estimates or those that lack cost details. (acquisition : key issues and guidance pg 19 &...

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