An Independent Cost Estimate (FAR 15.404-1(b)(2)(v)) is a bottoms-up estimate of a price based on known data. This should be an unbiased estimate free from any influence from the potential supplier/subcontractor whose proposal you're analyzing.
Common mistakes found in an ICE may include:
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Technical evaluation stating a quoted effort is "reasonable, based on experience"
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Missing Basis of Estimates (BoE)
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The analysis only speaks to variance criteria (how it's different) rather than including what criteria are accepted (how it's the same).
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