Contracting Exam 5 Flashcards
_______ numbers measure the percentage of price change over time
Price Index
Define range
Distance between minimum and maximum
The tighter the range the greater the predictability
What is the Mean?
Arithmetic Average
What is the Mode?
number that appears the most often
What is the Median?
Middle value after ranking
The quantity as which total revenue equals total cost is _______?
Break Even
Left skewed means
(tail to the left)
mean < median
Right skewed means
(tail to the right)
mean > median
What is a simple price index?
Simple index numbers calculate price changes for a single item over time
Bi modal means
more than one peak
MORE ANALYSIS NEEDED!
What is an aggregate price index?
Aggregate index numbers calculate price changes for a group of related items over time
What is a semi-variable cost?
includes a fixed and variable element
What is a variable cost?
costs which increase or decrease with respect to each change in the activity level
What is a fixed cost?
Fixed costs remain constant, even as activity level changes
Examples: property insurance, management salaries, rent
What are the three types of contract financing?
which is most preferred?
Progress payments
Performance Based Payments**
Advanced Payments (do not exceed 15%)
