Class and Professor

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American Public University *

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TMLT313

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Economics

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Feb 20, 2024

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docx

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Uploaded by Gonzo1992

Class and Professor, I first have to ask, am I the only one that was a little confused at the wording of the first paragraph of the directive? At first it sounds like cost-reimbursement is bad, then the last sentence says that he wants to reverse trends away from full and open competition and TOWARD cost reimbursement contracts that could result in saving billions. But then in the second paragraph it to goes on to say that full and open competitions is something that the government needs to strive for. 1. Why does the President want to reduce Cost-reimbursement contracts? Cost-reimbursement contracts are more beneficial for the contractor, not the government. The government ends up paying for more costs that the contractor would usually cover. The President wants to save the American tax payers money that might otherwise be spent on cost-reimbursement contracts that could be “wasteful, inefficient, subject to misuse…” Historically cost-reimbursement contracts have been misused, according the the directive. 2. Why is it preferred to use a Firm Fixed type contract? A firm-fixed contract is not subject to change and additional costs to the government. A firm fixed contract can be more cost effective, but at least all of the costs and the total amount of the contract are known up front. 3. Who accepts the greatest risk under each type of contract? The government accepts the greatest risk in a cost- reimbursement contract and the contractor accepts the greatest risk in a firm-fixed contract. 4. Why is competition favored over sole source? Competition allows for shopping for the cheapest or best contract. Sole source can be more expensive since that source is controlling the price. Competition is always better for the market. Anna

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