I would like to know what contract value means in the DCMA world. I searched the internet and what I found was that value is a nonquantifiable value however in doing contract receipt and review for DCMA, it appears that value is a quantifiable term - namely the total amount of the contract. So I would just like to get clarification.
Also, is there a DAU course that explains this?
This is a good question. Bottom Line Up Front: yes, contract value is basically as you stated, the total dollar amount on the contract.
When using contract value in a verb form, it is a quantifiable term (dollars and cents). It could get confusing if you are trying to use “value” in a noun form, meaning what value you place on this information (contract) and then trying to find an adjective to explain it.
For you in DCMA (and every other government contracting office) the "dollar value" is the amount of the contract. See FAR Conventions at FAR 1.108(c) dollar thresholds for a good explanation:
(c) Dollar thresholds. Unless otherwise specified, a specific dollar threshold for the purpose of applicability is the final anticipated dollar value of the action, including the dollar value of all options. If the action establishes a maximum quantity of supplies or services to be acquired or establishes a ceiling price or establishes the final price to be based on future events, the final anticipated dollar value must be the highest final priced alternative to the Government, including the dollar value of all options.
IN DCMA when doing initial contract receipt and review, you will add the obligated amount (sometimes referred to as the “face-page” amount) into MOCAS and the total value it could be (as described in the FAR conventions citation above) into MOCAS as well. During the life of the contract the amount of unliquidated obligations (ULO) on that contract are often of interest as it shows how much work is still left to be done or billed for.
In regards to “value”; there is BEST VALUE, as defined in FAR part 2:
“Best value means the expected outcome of an acquisition that, in the Government's estimation, provides the greatest overall benefit in response to the requirement.”
Then there is EARNED VALUE MANAGEMENT (EVM), but by the nature of your question, we doubt you meant earned value. If you are interested in learning more about EVM the references are FAR subpart 34.2 and DFARS subpart 234.2.
While we don’t have a course or learning module that specifically focuses on contract value, you may want to start with CMC 100, you can view the description of this course on our iCatalog. We do have courses on Earned Value Management, again available for review in our iCatalog.