cost realism analysis
Definition
Review and evaluation of all or specific cost elements of a bid or proposal to ascertain its level of cost realism. This analysis asks questions such as: (1) is the offer based on realistic assumptions? (2) does it show sufficient understanding of the requirements? (3) are its various parts consistent with one another? (4) is the cost/price data current, reasonably accurate, and verifiable? (5) does the whole thing make sense in view of the experience?
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