Strayer LEG505 Week 7 Discussions

LEG 505 Week 7 DiscussionsWeek 7 DQ 1:”Price Analysis versus Cost Analysis” Please respond to the following:Compare and contrast price analysis versus cost analysis, explain how they differ, and describe when it is appropriate to use price analysis versus cost analysis. Select one of the two methods and determine under what condition(s) it would not be appropriate for use. If you believe that the methods apply to any circumstance, justify your response.Explain the importance of these two types of analysis in the context of government contracts. Provide an example of how each is clearly used.Week 7 DQ 2: “Award Fee Contracts” Please respond to the following:From the e-Activity, discuss whether or not the agencies mentioned took any actions that reflected the suggestions provided by the Office of Management and Budget. If you think actions were taken, state what actions were taken and explain why those actions were taken. If you think no actions were taken, analyze why no action was taken and whether action should have been taken under the circumstances. Justify your response.Discuss whether contractors provide better work with an award fee. Include in your discussion on whether or not they are incentivized by the better profit potential of an award-fee contract. Support your position with an example.