is very useful in dealing with terminations for convenience issues. Real options analysis One approach to analysing government procurement of large systems such as weapons systems is to use real options analysis. Such procurements can be done in single annual lots ("single-year procurements" or SYPs), or, with Congressional approval, multi-year procurement (MYP) contracts. Multi-year contracts generally lower the risk for the contractor, and thus the unit price paid by the Government. One way to look at this situation is that a multi-year contract contains a real option for the contractor to escape the uncertainty associated with a sequence of single-year contract negotiations (analogous to a put option). Real options analysis can give an estimate of the value to the contractor of transferring revenue risk to the Government as a function of the contract's size and the volatility of the contract's value, even though the option is not actively traded. The negotiated price is also influenced by the attitudes towards risk of the negotiating parties. Wartime contracting Allegations of waste and corruption in government procurement during wartime have led to special oversight measures being put in place. During World War II this function was provided by the bipartisan Truman Committee established in 1941. After allegations of contract fraud and waste were made regarding expenditure during the wars in Afghanistan and Iraq, the Commission on Wartime Contracting in Iraq and Afghanistan was established, modelled on the Truman Committee. Contractor voice One organization which provides a contractor perspective is the Coalition for Government Procurement (CGP), a non-profit association of commercial contractors. The CGP is based in Washington, D.C. and is registered under the Lobbying Disclosure Act of 1995. See also Conjoint analysis – useful in determining essential elements of an acquisition from a customer's perspective. Cost-plus contract Economic conversion Federal Information Technology Acquisition Reform Act Governmentwide acquisition contracts Contract adjustment board Defense Acquisition University Defense Contract Audit Agency, responsible for audits of many defense contractors Defense Contract Management Agency, responsible for contract administration of US Department of Defense contracts. NASA SEWP, an example of an acquisition contract that expanded from its original narrow focus to serve the entire Government No-bid contract Small and medium enterprise Top 100 US Federal Contractors United States Court of Appeals for the Federal Circuit References Further reading Vol. I – Vol. II – External links Acquisition.gov- official US Federal Government website of the Integrated Acquisition Environment, functioning under