HUD awards $2.2M contract for statistical sampling and extrapolation services to Integrated Financial Engineering Inc

Contract Overview

Contract Amount: $2,199,503 ($2.2M)

Contractor: Integrated Financial Engineering Inc.

Awarding Agency: Department of Housing and Urban Development

Start Date: 2024-05-10

End Date: 2027-05-09

Contract Duration: 1,094 days

Daily Burn Rate: $2.0K/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 1

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: STATISTICAL SAMPLING AND EXTRAPOLATION FOR SINGLE FAMILY POST CLAIMS REVIEWS

Place of Performance

Location: ROCKVILLE, MONTGOMERY County, MARYLAND, 20850

State: Maryland Government Spending

Plain-Language Summary

Department of Housing and Urban Development obligated $2.2 million to INTEGRATED FINANCIAL ENGINEERING INC. for work described as: STATISTICAL SAMPLING AND EXTRAPOLATION FOR SINGLE FAMILY POST CLAIMS REVIEWS Key points: 1. Contract focuses on administrative management and general management consulting services. 2. Awarded under a firm-fixed-price contract type. 3. The contract duration is approximately 3 years. 4. The contract was awarded via full and open competition. 5. The primary place of performance is Maryland. 6. This contract supports post-claims reviews for single-family housing.

Value Assessment

Rating: good

The contract value of $2.2 million over three years appears reasonable for specialized statistical sampling and extrapolation services. Benchmarking against similar contracts for consulting services in administrative management is difficult without more specific service details. However, the fixed-price nature suggests a defined scope, which can aid in cost control. The contractor, Integrated Financial Engineering Inc., has a history of government contracts, implying some level of established performance.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded through full and open competition, indicating that multiple vendors had the opportunity to bid. This process generally fosters a competitive environment, encouraging bidders to offer their best pricing and technical solutions. The number of bidders is not specified, but the open competition suggests a robust selection process.

Taxpayer Impact: Full and open competition is favorable for taxpayers as it typically leads to more competitive pricing and a wider range of innovative solutions being considered, maximizing the value for public funds.

Public Impact

The Department of Housing and Urban Development (HUD) benefits from improved data analysis for its single-family post-claims reviews. Services delivered will enhance the accuracy and efficiency of financial reviews. The geographic impact is primarily within Maryland, where the services will be performed. The contract supports the administrative and consulting workforce.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for scope creep if 'extrapolation' requirements are not tightly defined.
Reliance on contractor's proprietary methodologies could limit transparency.
Ensuring data integrity and security during sampling and review processes.

Positive Signals

Firm-fixed-price contract provides cost certainty.
Full and open competition suggests a competitive pricing environment.
Contract duration allows for sustained support and knowledge building.

Sector Analysis

This contract falls within the Administrative Management and General Management Consulting Services sector (NAICS 541611). This sector encompasses a broad range of advisory services to businesses and government agencies. The market for such services is competitive, with many firms offering specialized expertise. HUD's spending in this area supports its operational efficiency and program oversight functions, with comparable spending varying widely based on the complexity and duration of the consulting engagement.

Small Business Impact

The data indicates this contract was not set aside for small businesses (ss: false, sb: false). Therefore, small businesses are unlikely to be direct beneficiaries of this award. There is no explicit information on subcontracting plans, but given the nature of the services, significant subcontracting to small businesses is not anticipated unless specific expertise is required.

Oversight & Accountability

Oversight will likely be managed by the contracting officers and program managers within the relevant HUD division responsible for single-family post-claims reviews. Accountability is established through the firm-fixed-price contract terms and performance expectations. Transparency is facilitated by the contract award process and the public availability of contract data, though the specific methodologies used by the contractor may be proprietary.

Related Government Programs

HUD Single Family Housing Programs
HUD Post-Insurance Review Processes
Government Contract Auditing Services
Statistical Analysis and Consulting

Risk Flags

Methodology Transparency
Data Integrity and Security
Accuracy of Extrapolation

Frequently Asked Questions

What is this federal contract paying for?

Department of Housing and Urban Development awarded $2.2 million to INTEGRATED FINANCIAL ENGINEERING INC.. STATISTICAL SAMPLING AND EXTRAPOLATION FOR SINGLE FAMILY POST CLAIMS REVIEWS

Who is the contractor on this award?

The obligated recipient is INTEGRATED FINANCIAL ENGINEERING INC..

Which agency awarded this contract?

Awarding agency: Department of Housing and Urban Development (Department of Housing and Urban Development).

What is the total obligated amount?

The obligated amount is $2.2 million.

What is the period of performance?

Start: 2024-05-10. End: 2027-05-09.

What is the track record of Integrated Financial Engineering Inc. with HUD or similar agencies for statistical analysis contracts?

Integrated Financial Engineering Inc. (IFE) has a history of performing work for government agencies, including HUD. While specific details on past HUD contracts for statistical sampling are not provided in this data snippet, IFE's general experience with government contracts suggests familiarity with federal procurement processes and reporting requirements. A deeper dive into their contract history, particularly performance reviews and past performance questionnaires from similar engagements, would provide a more robust assessment of their track record. Their ability to secure this contract through full and open competition implies they met the minimum qualifications and were deemed a responsible contractor by HUD.

How does the $2.2 million contract value compare to similar statistical sampling and extrapolation contracts awarded by HUD or other agencies?

Benchmarking the $2.2 million contract value requires comparing it to contracts with similar scope, duration, and complexity. Given that this contract is for 'Statistical Sampling and Extrapolation for Single Family Post Claims Reviews' over three years, it's a specialized service. Without access to a comprehensive database of comparable contracts, a precise comparison is challenging. However, for multi-year consulting engagements involving data analysis and financial review support for large federal programs, a value in the low millions is not uncommon. The firm-fixed-price structure suggests a defined scope, which aids in assessing value if the deliverables are clearly articulated and achievable within the budget.

What are the key performance indicators (KPIs) or metrics used to evaluate the success of this contract?

The provided data does not specify the key performance indicators (KPIs) for this contract. However, typical KPIs for statistical sampling and extrapolation services in a post-claims review context would likely include accuracy rates of the samples, the effectiveness of the extrapolation methodology in identifying systemic issues or fraud, timeliness of report delivery, adherence to sampling protocols, and the overall impact on improving the efficiency and integrity of HUD's claims review process. Performance would likely be assessed through regular progress reports, final deliverables, and potentially through user feedback from the HUD personnel utilizing the findings.

What is the potential risk associated with the contractor's methodology for statistical sampling and extrapolation?

The primary risk associated with the contractor's methodology lies in its potential lack of transparency or adaptability. If the methodology is proprietary and not well-documented, it could be difficult for HUD to independently verify the results or understand the underlying assumptions. There's also a risk that the chosen sampling techniques or extrapolation models may not be the most appropriate for the specific data set or objectives, potentially leading to inaccurate conclusions or missed insights. Ensuring the methodology is statistically sound, validated, and aligned with industry best practices is crucial to mitigate these risks. Regular reviews and clear communication channels between HUD and the contractor are essential.

How has HUD's spending on similar administrative and management consulting services trended over the past five years?

Analyzing HUD's spending trends on administrative and management consulting services over the past five years would require access to historical procurement data. This specific contract award of $2.2 million is a single data point. To understand broader trends, one would need to aggregate spending across similar NAICS codes (like 541611) and contract types awarded by HUD. Factors influencing these trends could include shifts in agency priorities, budget allocations, the introduction of new programs requiring specialized support, or efforts to improve operational efficiency through external expertise. Without historical data, it's impossible to determine if this award represents an increase, decrease, or stable level of spending in this category.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Administrative Management and General Management Consulting Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: SUBJECT TO MULTIPLE AWARD FAIR OPPORTUNITY

Solicitation ID: 86615724Q00007

Offers Received: 1

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 9200 CORP. BLVD., ROCKVILLE, MD, 20850

Business Categories: Asian Pacific American Owned Business, Category Business, Corporate Entity Not Tax Exempt, Minority Owned Business, Self-Certified Small Disadvantaged Business, Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $3,695,536

Exercised Options: $2,199,503

Current Obligation: $2,199,503

Actual Outlays: $1,068,940

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 47QRAA23D004W

IDV Type: FSS

Timeline