PSC B507 - SPECIAL STUDIES/ANALYSIS- ECONOMIC
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Classification & Hierarchy for PSC B507
The classification hierarchy shows how this PSC code fits within the broader federal procurement structure.
- Level 1 Spend Category:
- 2 Professional Services
- Level 2 Spend Category:
- 2.3 Management Advisory Services
- Parent PSC Code:
- B5 SPECIAL STUDIES - NOT R and D
- Active Since:
- October 1, 2011
- Last Updated:
- April 30, 2024
Overview for PSC B507
PSC Code B507, titled Special Studies/Analysis - Economic, encompasses specialized economic research, analysis, and consulting services provided to federal government agencies. This code is used for contracts involving detailed economic evaluations, forecasting, impact assessments, and policy analysis. Contractors under this PSC deliver critical insights to inform decision-making and policy development on economic issues affecting government programs and initiatives. Agencies use B507 to acquire expertise in analyzing economic trends, market conditions, fiscal impacts, and socio-economic data to support a wide range of government objectives.
Typical Buyers & Agencies for PSC B507
Federal agencies that frequently procure services under PSC B507 include the Department of Commerce, Department of Labor, Department of Treasury, the Office of Management and Budget (OMB), and various independent regulatory commissions. These buyers rely on specialized economic studies to guide regulatory decisions, budget planning, and program evaluations. Additionally, agencies involved in infrastructure, trade, and social services may seek economic analysis to assess program impacts and optimize resource allocation.
Common Contract Types for PSC B507
Contracts awarded under PSC B507 commonly include fixed-price, cost-reimbursement, and time-and-materials agreements. Government agencies often use competitive procurement methods such as Requests for Proposals (RFPs) to engage qualified contractors for complex economic studies. Indefinite Delivery Indefinite Quantity (IDIQ) contracts are also prevalent, allowing agencies to access economic expertise on an as-needed basis. Typical use cases range from short-term economic impact assessments to extensive multi-year policy evaluations.
Plain-Language Breakdown for PSC B507
- Covers specialized economic research and analysis services for federal agencies.
- Common buyers include Department of Commerce, Treasury, OMB, and regulatory bodies.
- Used to support policy development, program evaluation, and economic forecasting.
- Contracts typically awarded via competitive RFPs using fixed-price or cost-reimbursement models.
- Often paired with NAICS 541690 and 541611 for consulting and research services.
- Supports a range of government functions from regulatory impact to budget planning.
Related Categories for PSC B507
Other categories at the same level as B507
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