FAR Part 10 Deck 1

Question 1

What is the primary purpose of Federal Acquisition Regulation (FAR) Part 10?

Answer 1

To provide guidance on market research.

Question 2

True or False: Market research is only required for acquisitions over a certain dollar threshold.

Answer 2

False

Question 3

Fill in the blank: The objective of market research is to _______.

Answer 3

determine the availability of supplies and services.

Question 4

What are the two main types of market research methods outlined in FAR Part 10?

Answer 4

Quantitative and qualitative methods.

Question 5

Which section of FAR Part 10 discusses the use of market research to support acquisition planning?

Answer 5

10.001

Question 6

True or False: FAR Part 10 emphasizes the importance of conducting market research before developing a statement of work.

Answer 6

True

Question 7

What is a key benefit of conducting market research according to FAR Part 10?

Answer 7

It helps in making informed acquisition decisions.

Question 8

Multiple choice: Which of the following is NOT a source of information for market research? A) Industry publications B) Market surveys C) Personal opinions D) Government databases

Answer 8

C) Personal opinions

Question 9

What should be documented as a result of market research according to FAR Part 10?

Answer 9

Findings and the rationale for acquisition decisions.

Question 10

True or False: Market research should be an ongoing process throughout the acquisition lifecycle.

Answer 10

True

Question 11

What is the significance of the term ‘commercial item’ in FAR Part 10?

Answer 11

It refers to items that are sold in the commercial marketplace.

Question 12

Fill in the blank: The FAR encourages the use of _______ to promote competition and innovation.

Answer 12

commercial items

Question 13

What does FAR Part 10.002 focus on?

Answer 13

Market research requirements.

Question 14

True or False: Market research can only be conducted by government personnel.

Answer 14

False

Question 15

What is the importance of understanding the market according to FAR Part 10?

Answer 15

It helps in identifying potential suppliers and understanding pricing.

Question 16

Multiple choice: Which of the following is a recommended market research technique? A) Sole source justification B) Competitive market analysis C) Non-disclosure agreement D) Contract modification

Answer 16

B) Competitive market analysis

Question 17

What is the recommended frequency of conducting market research according to FAR Part 10?

Answer 17

Regularly, throughout the acquisition process.

Question 18

Fill in the blank: The results of market research should inform the _______ of the acquisition.

Answer 18

acquisition strategy

Question 19

What role does technology play in market research as per FAR Part 10?

Answer 19

It can enhance data collection and analysis.

Question 20

True or False: FAR Part 10 allows for the use of past performance information in market research.

Answer 20

True

Question 21

What is a market research report according to FAR Part 10?

Answer 21

A document summarizing the findings of the market research conducted.

Question 22

What does FAR Part 10 suggest regarding the use of small businesses in market research?

Answer 22

Encourages the inclusion of small businesses as potential suppliers.

Question 23

Multiple choice: When is market research typically conducted? A) After contract award B) Before acquisition planning C) During contract execution D) After project completion

Answer 23

B) Before acquisition planning

Question 24

Fill in the blank: Market research should be tailored to the _______ of the acquisition.

Answer 24

specific needs

Question 25

What is the definition of 'market intelligence' in the context of FAR Part 10?

Answer 25

Information that helps understand market conditions and trends.

Question 26

True or False: All market research findings must be shared with potential suppliers.

Answer 26

False

Question 27

What should be considered when conducting market research according to FAR Part 10?

Answer 27

The scope, complexity, and urgency of the acquisition.

Question 28

Fill in the blank: Effective market research can lead to better _______ outcomes.

Answer 28

acquisition

Question 29

What is the primary objective of conducting market research according to FAR Part 10?

Answer 29

To gather information that informs decision-making.

Question 30

Multiple choice: Which FAR part supports the use of market research in acquisitions? A) Part 6 B) Part 10 C) Part 15 D) Part 19

Answer 30

B) Part 10

Question 31

True or False: Market research findings can affect the terms and conditions of a contract.

Answer 31

True

Question 32

What is the relationship between market research and competition according to FAR Part 10?

Answer 32

Market research helps identify opportunities for competition.

Question 33

Fill in the blank: Market research should be _______ to the acquisition process.

Answer 33

integrated

Question 34

What is a common mistake made during market research as outlined in FAR Part 10?

Answer 34

Failing to document findings.

Question 35

True or False: Market research can help reduce acquisition risks.

Answer 35

True

Question 36

What is the role of stakeholder input in market research according to FAR Part 10?

Answer 36

It provides diverse perspectives and insights.

Question 37

Multiple choice: Which of the following is a factor to consider when selecting market research methods? A) Cost B) Time C) Effectiveness D) All of the above

Answer 37

D) All of the above

Question 38

Fill in the blank: Market research findings should be used to _______ the acquisition strategy.

Answer 38

refine

Question 39

What does FAR Part 10 say about the importance of documenting market research?

Answer 39

Documentation is essential for accountability and future reference.

Question 40

True or False: Market research can only be conducted at the beginning of the acquisition process.

Answer 40

False

Question 41

What is the expected outcome of effective market research according to FAR Part 10?

Answer 41

Better acquisition strategies and outcomes.

Question 42

Fill in the blank: The results of market research should be communicated to _______.

Answer 42

key stakeholders

Question 43

What is one challenge of conducting market research as described in FAR Part 10?

Answer 43

Accessing reliable and current market data.

Question 44

Multiple choice: Which of the following is a potential source for conducting market research? A) Trade shows B) Academic journals C) Online marketplaces D) All of the above

Answer 44

D) All of the above

Question 45

True or False: Market research results can help in identifying innovative solutions.

Answer 45

True

Question 46

What should be the focus of market research efforts according to FAR Part 10?

Answer 46

Identifying suppliers and understanding market capabilities.

Question 47

Fill in the blank: Market research is essential for achieving _______ in the acquisition process.

Answer 47

best value

Question 48

True or False: Market research is optional for all types of acquisitions.

Answer 48

False

Question 49

What does FAR Part 10 suggest regarding the use of technology in market research?

Answer 49

It can enhance efficiency and data accuracy.

Question 50

Multiple choice: What is an example of qualitative market research? A) Surveys B) Focus groups C) Data analysis D) Price comparisons

Answer 50

B) Focus groups

Question 51

Fill in the blank: The acquisition team should be _______ in market research to ensure comprehensive insights.

Answer 51

collaborative

Question 52

What is the importance of understanding customer needs in market research as per FAR Part 10?

Answer 52

It helps tailor acquisition strategies to meet those needs.

Question 53

True or False: Market research findings are only relevant for new acquisitions.

Answer 53

False

Question 54

What is a key consideration when analyzing market research data according to FAR Part 10?

Answer 54

Ensuring data is current and relevant.

Question 55

Fill in the blank: Market research should address _______ that may affect the acquisition.

Answer 55

trends and changes

Question 56

Multiple choice: Which of the following best describes market research? A) A one-time activity B) An ongoing process C) A formal report D) A supplier evaluation

Answer 56

B) An ongoing process

Question 57

What does FAR Part 10 state about the use of past performance in market research?

Answer 57

It is a valuable tool for assessing supplier capabilities.

Question 58

True or False: Market research is irrelevant for low-value acquisitions.

Answer 58

False

Question 59

Fill in the blank: The acquisition strategy should be based on thorough _______ research.

Answer 59

market

Question 60

What is one of the key objectives of market research as highlighted in FAR Part 10?

Answer 60

To identify potential risks in the acquisition process.

Question 61

Multiple choice: What type of market research involves gathering numerical data? A) Qualitative B) Quantitative C) Descriptive D) Exploratory

Answer 61

B) Quantitative

Question 62

Fill in the blank: Market research findings should be used to support _______ decisions.

Answer 62

strategic

Question 63

What does FAR Part 10 recommend regarding the timing of market research?

Answer 63

It should be conducted as early as possible in the acquisition process.

Question 64

True or False: Market research can help in determining the feasibility of an acquisition.

Answer 64

True

Question 65

What is the significance of supplier diversity in market research according to FAR Part 10?

Answer 65

It promotes inclusivity and competition.

Question 66

Fill in the blank: Market research should be _______ to the specific acquisition context.

Answer 66

tailored

Question 67

Multiple choice: Which of the following is a method of gathering qualitative data? A) Surveys B) Interviews C) Statistical analysis D) Market forecasts

Answer 67

B) Interviews

Question 68

What is a recommended practice for analyzing market research results according to FAR Part 10?

Answer 68

Utilizing analytical tools and frameworks.

Question 69

True or False: Market research can only be used to validate existing acquisition strategies.

Answer 69

False

Question 70

What role does feedback play in market research as per FAR Part 10?

Answer 70

It enhances the quality and relevance of the research.

Question 71

Fill in the blank: The result of ineffective market research can lead to _______ decisions.

Answer 71

poor

Question 72

What is the role of the acquisition team in market research according to FAR Part 10?

Answer 72

To lead and coordinate market research efforts.

Question 73

Multiple choice: Which of the following is an expected outcome of effective market research? A) Increased costs B) Improved negotiation strategies C) Delayed timelines D) Reduced supplier engagement

Answer 73

B) Improved negotiation strategies

Question 74

True or False: Market research findings should be revisited and updated periodically.

Answer 74

True

Question 75

What is the ultimate goal of conducting market research as outlined in FAR Part 10?

Answer 75

To achieve the best value for the government.

Question 76

Fill in the blank: Market research results should be shared with _______ stakeholders.

Answer 76

relevant

Question 77

What is a common tool used for market research according to FAR Part 10?

Answer 77

Surveys and questionnaires.