7.1.1  FAR 15.3

As a minimum, FAR 15.3 requires that cost, past performance, and quality be evaluated in every source selection.  Subject to certain limitations, the extent of participation of small disadvantaged business concerns in performance of the contract shall be evaluated in unrestricted acquisitions expected to exceed $500,000 ($1,000,000 for construction).  Cost/Price is used to evaluate the cost to the Government if the particular proposal were selected for award.  Past performance is an indicator of an offeror's ability to perform the anticipated contract.  Quality may be expressed in terms of technical excellence, management capability, personnel qualifications, prior experience, past performance, and/or schedule risk.