Federal contractors often waste valuable time and increase their audit risks by misapplying price and cost analysis. Many misunderstand the Federal Acquisition Regulation (FAR) requirements distinguishing price analysis from cost analysis, leading to unnecessary effort in preparing detailed cost estimates when simpler price analysis techniques would suffice. Clarifications to the FAR in 2011 have further complicated this issue, encouraging contracting officers to request cost details even when they aren't required. This course provides a comprehensive guide to mastering price and cost analysis throughout the federal contracting process—from solicitation to contract award. Participants will learn to identify whether a situation requires cost or price analysis and explore the relevant tools and techniques. Key topics include: • Understanding the differences between price analysis and cost analysis • Applying price analysis tools and techniques to streamline processes • Documenting cost proposal elements, including direct labor, materials, and subcontracts • Conducting cost realism analysis to meet FAR requirements • Building strategies to provide appropriate data to customers and manage vendor and subcontractor requirements effectively Equip your team with the knowledge to save time, reduce audit exposure, and enhance efficiency in federal contracting activities.