Does anyone have an example of a risk analysis tool that can be used to evaluate different contract proposals, particularly for use in best value/trade off analysis where lowest price/technically acceptable is not the default basis for making an award? For example, a tool that helps to articulate types of risk (performance or financial), scale for evaluating risk, and criteria or factors to evaluate?
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For a good example of a technical evaluation rating table and risk rating table, see the DoD Source Selection Procedures, dated 1 Apr 2016 (https://www.acq.osd.mil/dpap/policy/policyvault/USA004370-14-DPAP.pdf). The tables start on page 25, but the explanation starts on part 24. As for criteria or factors to evaluate, we don't have a tool that specifically does that aspect for us, but what we tell Source Selection Teams, via DAU's Source Selection Simulation, is the team should be looking at what risks there are in the Acquisition - your program office should be determining what the higher risks are and definitely the technical personnel should know what the higher risk areas are that would be great things to ask the contractor for in the evaluation criteria. The whole goal of the source selection is to pick the best contractor, at the best price (best value) and having criteria that helps discriminate between the contractors is critical. The easy stuff that any contractor can do, where all the contractors get a satisfactory rating, is not going to help - so again, focus on those areas that are higher risk and will help you pick the best contractor - your technical team will appreciate evaluating less material and the contractors will appreciate the reduction in time to put together their proposals.