What are the three steps in the order of preference for determining the reasonableness of a commercial item?

The correct choice is the first one, which outlines the three steps in the order of preference for determining the reasonableness of a commercial item as government information, third-party sources, and offeror information. This sequence emphasizes a structured approach where government data, known for its credibility and relevance, is prioritized as the most reliable source for assessing price reasonableness. Following this, third-party sources provide additional corroboration and insight on industry standards and market conditions. Ultimately, if these two sources do not yield sufficient information, the offeror's information becomes the next step for analysis, allowing for a comprehensive evaluation based on the offer’s details.

Understanding this order is crucial for contracting professionals as it establishes a hierarchy in assessing price reasonableness that aligns with federal acquisition regulations and best practices, ensuring due diligence in procurement processes.