Engineering homework help

Create a 1 page essay paper that discusses Federal Contract Acquisition.The aspects of contract costs include contract pricing, cost data and cost analysis. Cost analysis has the most significant impact on government contracts as it determines the techniques and procedures used by the government in ensuring a fair and reasonable price (Hearn, 2011). The process of cost price analysis is important to government contractors as the government uses these procedures to analyze the pricing information from different offerors.The best approach for the company to present its profit objectives is to use the structured approach (profit analysis). Through this approach, the company will present all the estimated contract costs and the expected profit from the contract. The costs include the contractor’s effort, direct labour, material acquisition, indirect const and managerial costs (Hearn,